Sales at U.S. retailers rose 0.2% in December, as Americans stocked up on food and drinks for the holidays, bought more clothes and boosted purchases online, according to government data issued Tuesday. The increase would have been 0.7% excluding the large auto sector, whose sales tapered off in December after hitting a post-recession high in the prior month. Retail sales account for about one-third of consumer spending, the main engine of economic growth. Economists polled by MarketWatch had forecast sales to fall 0.1% overall but rise 0.4% excluding autos. The sales increase for November, meanwhile, was lowered to 0.4% from 0.7%, the Commerce Department said Tuesday. And the increase for October was trimmed one-tenth to 0.5%. The downward revisions in sales are likely to spur some economists to cut growth forecasts for the fourth quarter. In 2013, retail sales rose by 4.2%, the smallest annual gain since the recession ended.
Source: marketwatch
Source: marketwatch
