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Redbook retail sales

December US retail sees biggest drop in nearly 10 years

February 15, 2019 channelnewsasia Leave a Comment

WASHINGTON: Retail spending by American consumers plunged unexpectedly during December's key holiday shopping period, suffering its largest one-month drop in almost a decade, government data showed on Thursday (Feb 14).While 2018 overall was a strong year and much of the decline was due to falling gasoline prices, the sudden frugality of the US consumer could weigh on estimates for GDP growth in the year's final quarter.The auto sector was a bright spot, however.For the month, retail spending tallied at US$505.8 billion, seasonally-adjusted, a 1.2 per cent dip from the previous month, marking the largest month-to-month decrease since September 2009.Economists had instead been expecting a token increase of 0.1 per cent.The surprise retail weakness sent Wall Street into the red, with the Dow Jones tumbling at the open and down 0.5 per cent shortly before 1600 GMT.The Commerce Department data, which had been delayed by the record five-week government shutdown, was held down by … [Read more...] about December US retail sees biggest drop in nearly 10 years

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