US retail sales continued to fall in December, dropping by 1.1% amid high inflation
US retail sales continued their fall in December, dropping by 1.1% as inflation remained high, the Commerce Department reported Wednesday. That’s the largest monthly decline since December 2021, and practically every category saw sales drop from the prior month. Economists had expected sales to fall by just 0.8% for the month, according to Refinitiv. The November number was revised down to -1%.
However, some economic data suggests that activity may be losing some steam and that Americans are running out of dry powder. “I think the consumers has gotten very active in managing their household budget and what they’re willing to spend on,” said Matt Kramer, KPMG’s national sector leader for consumer and retail. “They’re spending more time looking for the deals and being thoughtful about when they make purchases.
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