BREAKING NEWS: Retail sales tumble 1.1% in December as high inflation squeezes Americans
Strategic Resource Group managing director Burt Flickinger and H Squared Research chief research officer Hitha Herzog discuss how record-high inflation is affecting retail sales this holiday season on 'The Claman Countdown.'
Spending at retail stores fell in December by the most in a year as consumer demand cools in the face of stubbornly high inflation and rising interest rates., a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, declined 1.1% in December, the Commerce Department said Thursday. Economists surveyed by Refinitiv expected sales to fall 0.8%.
"Plenty of excuses exist for why retail sales dropped so much in December, but the bottom line is consumers have become more prudent in their spending given lower savings and higher interest rates," said Robert Frick, corporate economist with Navy Federal Credit Union. "For those reasons, consumer spending is expected to soften throughout this year."
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