Americans cut back on spending in December, for the second consecutive month, underscoring how inflation and high interest rates on credit cards slowed consumer activity over the holiday shopping season. Retail sales fell 1.1% in December.
Solid hiring, rising pay, and savings beefed up by government financial support during the pandemic enabled most Americans to keep up with rising prices. That government assistance has long ended, however, and some Americans have dipped into savings accounts since then. Credit card defaults are on the rise with some households slow to adjust their spending to a new reality.
On a monthly basis, prices actually slipped 0.1 percent from November to December, the first such drop since May 2020. Major retailers including Walmart and Target release details on their fourth quarter performances next month.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumer spending slows in December, but many Americans still plan on buying these big-ticket itemsThe New York Federal Reserve’s latest Household Spending Survey gives insight into consumer behavior.
Read more »
Chicago-based ladder manufacturer opens central Pa. facilityThe company launched operations at the new facility in November.
Read more »
China reports 3% GDP growth for 2022 as December retail sales, industrial production beat estimatesThe world’s second-largest economy grew more than expected last year but missed its original target and faces challenges as it emerges from pandemic isolation.
Read more »
US: Retail Sales decline by 1.1% in December vs. 0.8% fall expectedUS: Retail Sales decline by 1.1% in December vs. 0.8% fall expected – by hareshmenghani RetailSales UnitedStates EconomicIndicator DollarIndex Currencies
Read more »
U.S. Retail Sales Fell 1.1% in DecemberRetail sales fell 1.1% in December, a weak finish to the holiday shopping season. Consumers spent less on vehicles, gasoline and furniture.
Read more »
Retail sales fell even further in December as shoppers battled inflation | CNN BusinessUS retail sales continued to fall in December, dropping by 1.1% amid high inflation, the Commerce Department reported Wednesday.
Read more »