Retail Sales fell 0.1% in October, marking the first monthly decline since March, albeit a smaller one than economists had forecasted. Sales were up 2.5% when compared to October 2022, but they’re slowing sharply given that sales in September were 4.1% higher than a year earlier. What’s the bottom line? Retail Sales are clearly trending lower, as they fell 0.1% in October after rising 0.9% in September. Plus, last month’s report showed a clear bias toward spending on non-discretionary items versus discretionary ones, which also suggests an economic slowdown. Again, with the Fed looking for signs that our economy is cooling, will this report help convince members to pause rate hikes once more in December?