Retail sales slumped in December as Americans braced for slower economy
by Sylvan Lane - 01/18/23 10:02 AM ETAmericans pulled back their spending at stores and restaurants in December amid the mounting toll of high inflation and concerns about the future of the economy, according to data released Wednesday by the Census Bureau.
U.S. retailers and restaurants made $677.1 billion in sales in December, down 1.1 percent from a revised November sales total of $685 billion, according to the Census Bureau. It was the second consecutive monthly decline in retail sales, which are adjusted for seasonal shifts but not inflation.
Falling sales may force retailers and restaurants to cut or stabilize prices, which will help take a bite out of inflation and keep price growth slowing down. But a prolonged drop in consumer spending — which drives roughly two-thirds of the U.S. economy — could be a sign of a looming slowdown or recession.
“The final retail sales report of 2022 was the weakest of the year,” Kayla Brunn, an economic analyst at Morning Consult, wrote in a Wednesday analysis.
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https://thehill.com/policy/finance/3817795-retail-sales-slumped-in-december-as-americans-braced-for-slower-economy/
