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December monthly sales cap challenging year for American consumers

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.


The big picture: Trillions of dollars of government stimulus have kept income and wealth high. That's in stark contrast to the financial crisis of 2oo8-2009, when Americans saw their home equity wiped out and pulled back sharply on discretionary spending.

  • This time around, retail sales growth has remained (barely) positive on a year-on-year basis. So far, there is no sign that it is about to bounce back.

The bright spot in the report: Auto sales were $118 billion last month, up a startling 13% from $104 billion in November, and a similar level in December 2019. They helped to make up for a significant decline in spending on holiday gifts.

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GM boosts investment in electric, autonomous vehicles by $8 billion

General Motors plans to boost its cumulative investment in electric and autonomous vehicles to $35 billion from 2020-2025, a significant jump from a $27 billion target.

Driving the news: GM said this morning that the initiative will include building two new battery cell manufacturing plants in addition to the two already under construction in Tennessee and Ohio.

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Pelosi announces select committee to investigate Jan. 6 Capitol riot

Speaker Nancy Pelosi (D-Calif.) announced Thursday that she will create a House select committee to investigate the deadly Jan. 6 Capitol riot.

Why it matters: The creation of a single Democratic-controlled special committee, which will consolidate several House investigations, comes after Senate Republicans blocked a bill that would have established a bipartisan 9/11-style commission.

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30% of immigrants in ICE custody have refused a coronavirus vaccine

Three in 10 immigrants in U.S. detention centers are saying no to the COVID-19 vaccine, Axios has learned.

Why it matters: Vaccine hesitancy among detained immigrants has added an unlikely twist to the challenges of a pandemic-era increase in border migration.

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Tropical Storm Henri barrels into southern New England with damaging winds, flooding

Tropical Storm Henri, with maximum sustained winds down only slightly from hurricane intensity, is walloping southern New England with damaging winds, storm surge flooding, and torrential rainfall.

The big picture: The storm has slowed down slightly and taken a well-advertised turn towards the northwest as it approaches eastern Long Island, southeastern Connecticut and Rhode Island, taking a north-northwesterly path toward the coast.

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