Posted by on January 14, 2022 10:09 pm
Categories: Breaking News Epoch Times News

December Retail Sales Drop 1.9 Percent as Inflation Hits US Consumers

U.S retail sales sharply fell 1.9 percent in December, as inflation and supply issues hit prices, according to a Commerce Department report on Jan 14. The disappointing results were worse than the Dow Jones’s estimate, which had earlier predicted a 0.1 percent drop. The new surge in Omicron cases is being blamed as a factor for the decline in consumer confidence, as well as high prices. The bad news put an end to what had been an otherwise strong year in which post-2020 pandemic sales had recovered with a rise of 16.9 percent. Weak online holiday sales were responsible for much of the slide, witnessing a plunge of 8.7 percent in sales for the month. There was also a fall in spending on outdoor dining, which had earlier posted a 41.3 percent annual gain for the year. Last month’s sharp decline in consumer spending followed a record-level 1.8 percent gain in October …

Originally appeared on The Epoch Times

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