Sales at U.S. retailers declined in December to wrap the weakest year since 2009, raising concern about the momentum in consumer spending heading into 2016.
The U.S. Commerce Department reported that the 0.1% drop matched the median forecast of economists and followed a 0.4% gain in November. For all of 2015, purchases climbed 2.1%, the smallest advance of the current economic expansion.
The slowdown, including electronics stores, clothing merchants and grocers, indicates Americans probably preferred to hang onto the savings from cheaper fuel instead of splurging during the December-January holidays. While hiring has been robust in recent months, faster wage gains have not been realized, one reason household spending may have a tougher time accelerating as the new year gets under way.
Estimates in the economist survey for retail sales ranged from a decline of 1 percent to a 0.3% advance. The November tally was revised up from a previously reported 0.2% increase.
Related Stories
