Americans pulled back more than expected on spending at retail stores, restaurants, and online in December and November, data from the Commerce Department indicated on Wednesday.
Retail sales fell 1.1 percent in December, the Commerce Department said. Economists were expecting a decline of 0.8 percent.
Sales data are not adjusted for inflation, although they are seasonally adjusted. The Department of Labor’s consumer price index indicated that prices fell 0.1 percent in December, so the decline in sales likely indicates a real decline in the volume of items sold. Excluding sales at auto dealers and gas stations, retail sales were down 0.7 percent, much more than the 0.1 percent decline expected.
Holiday shopping seems to have been weak. Sales at department stores fell 6.6 percent. Sales at the broader category of general merchandise stores fell 0.8 percent. Electronics and appliance store sales fell 1.1 percent even though prices were up 0.2 percent. Online sales fell 1.1 percent.
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