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)