Euro area retail sales increased just 0.1% MoM in November, falling short of the projection of an 0.4% MoM increase. The annual rate decelerated from 2.1% YoY in October to 1.2% YoY. Food sales were basically flat at 0.1% MoM while a non-food sales decline of -0.6% MoM offset an increase in fuel sales of 0.8% MoM. The -0.6% MoM decline in non-food sales was the second straight monthly decline of that magnitude which suggests holiday spending in the euro area may have been weak.