Americans cut back on retail spending for a second consecutive month in December despite inflation easing slightly during the typically busy holiday shopping season, data from the Commerce Department showed on Jan. 18.
Retail sales, at $677.1 billion, fell 1.1 percent in December, which was worse than expected and marked the largest monthly decline in 2022. Data for November were revised to show sales dropping 1.0 percent instead of 0.6 percent as previously reported.
Economists polled by Reuters had forecast sales decreasing by 0.8 percent last month. Year-on-year, retail sales rose 6.0 percent in December.
Overall, consumers forked out less on everything from vehicles, gasoline, and furniture as well as eating out amid soaring inflation, which has forced many to cut back on necessary spending….