Retail sales in the United States fell by 1.2 percent in December compared to the previous month. That reported the US Department of Commerce.
It is the strongest decline in US retail sales in nine years. Sales declined in virtually all sectors, including online stores. On average, economists assumed a 0.1 percent increase. In November, US retail sales rose by a revised 0.1 percent. Earlier, an increase of 0.2 percent was reported for that month.
Excluding cars and fuel, there was a drop in sales of 1.4 percent. Here a 0.5 percent increase was seen a month earlier.
The disappointing figures may indicate a weakening of the US economy at the end of 2018 and less strong consumer spending. Consumer spending accounts for about 70 percent of the US economy.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.