US retail sales fell more than expected in December
The US Department of Commerce released retail sales data for December 2022.
Consequently, retail sales decreased 1.1 percent to $677.1 billion last month compared to the prior month.
Market expectations were for retail sales to decline 0.8 percent in this period. Retail sales, which posted the biggest drop in 12 months in December 2022, declined 1 percent in November 2022.
INCREASED 9.2 PERCENT COMPARED TO 2021
Retail sales in the country rose 6 percent annually last month. Last year, overall sales increased 9.2% compared to 2021.
The decline in retail sales during this period was driven by declines in sales at furniture stores, home goods, health and personal care products, motor vehicles and their parts, and service stations. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
