While October retail sales rose 1.3% M-o-M and 8.3% Y-o-Y, these numbers are not inflation-adjusted. After inflation, retail sales have completely flat-lined since 3/21. What is much more interesting is that during 3/21 retail sales were $28 billion/month or 13% above their pre-Covid trend and at present remain $18 billion/month, or 8% above trend. Even as consumers pivot from goods to services, demand for goods remains surprisingly strong.