December retail sales drop!
WASHINGTON - January 14, 2010 - Retail sales fell in December as demand for autos, clothing and appliances all slipped, a disappointing finish to a year in which sales had the largest drop on record.
The Commerce Department said Thursday that retail sales declined 0.3% in December compared with November, much weaker than the 0.5% rise that economists had been expecting. Excluding autos, sales dropped by 0.2%, also weaker than the 0.3% rise analyst had forecast.
For the year, sales fell 6.2%, the biggest decline on records that go back to 1992. The only other year that annual sales fell was in 2008, when they slipped by 0.5%.
The 0.3% decline in December was the first setback since September, when sales had fallen 2%.
Consumer spending is considered critical to any sustained economic revival since consumer spending accounts for 70% of total economic activity.
The Commerce Department said Thursday that retail sales declined 0.3% in December compared with November, much weaker than the 0.5% rise that economists had been expecting. Excluding autos, sales dropped by 0.2%, also weaker than the 0.3% rise analyst had forecast.
For the year, sales fell 6.2%, the biggest decline on records that go back to 1992. The only other year that annual sales fell was in 2008, when they slipped by 0.5%.
The 0.3% decline in December was the first setback since September, when sales had fallen 2%.
Consumer spending is considered critical to any sustained economic revival since consumer spending accounts for 70% of total economic activity.
