Washington, January 18 (QNA) - US retail sales fell by the most in a year in December, pulled down by declines in purchases of motor vehicles and a range of other goods, putting consumer spending and the overall economy on a weaker growth path heading into 2023.
Retail sales plummeted 1.1% last month, the biggest drop since December 2021. Retail sales rose 6.0% year-on-year in December.
The widespread signs of weakening demand and subsiding inflation are likely to encourage the Federal Reserve to further scale back the pace of its rate increases next month. (QNA)
18 January 2023
US Retail Sales Decline by 1.1% in December
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