The American economy is NOT doing as good as some people are trying to sell to us…..
Retail sales fell in December, highlighting how consumers’ concerns about inflation became the defining factor of the holiday shopping season.
U.S. retail sales fell 1.1 percent in December versus the month before, the Department of Commerce said on Wednesday. While the data is adjusted for seasonal variations, it does not account for price changes, and inflation continued to ease during the month, which would have contributed to the decline.
Retail sales in November were also revised to show a fall of 1 percent from October, worse than the 0.6 percent decline originally reported.
Sales were down in December at popular holiday shopping destinations like electronics stores, car dealerships and clothing outlets. Department stores posted a 6.6 percent decline from the previous month.
Other categories also took a hit, as stubbornly high inflation, rising interest rates and a slowing economy squeezed people’s wallets. While grocery stores saw a slight uptick in December sales, spending at restaurants, bars and health and personal care stores recorded a decline….
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