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US retail sales fall for 2nd-straight month in Dec 2022

23 Jan '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

US shoppers spent less than what economists expected in December, with overall retail sales falling for a second month in a row, according to S&P Global Market Intelligence. Retail and food services sales fell by 1.1 per cent during the month, according to US Census Bureau data. Economists, however, expected that figure to fall by 0.8 per cent.

US retail and food services sales came in at $677.1 billion in December, according to the seasonally adjusted preliminary estimate from the Census Bureau. The decline comes after November sales fell by a revised 1 per cent, a bigger drop than the negative 0.6 per cent originally reported.

Sales at furniture and home furnishing stores dropped by 2.5 per cent in December, the biggest monthly decline in all retail categories excluding gas stations.

Fibre2Fashion News Desk (DS)

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