United States retail sales fell more than expected 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.Broad drops in sales reported by the US Department of Commerce on Wednesday, together with subsiding inflation, are likely to encourage the Federal Reserve to further scale back the pace of its interest rate increases next month. The US central bank is engaged in its fastest rate hiking cycle since the 1980s.“Weak retail sales in December shows consumers are likely retrenching during a time of economic uncertainty,” said Jeffrey Roach, chief economist at LPL Financial in Charlotte, North Carolina. “The trajectory for the US economy is weakening and recession risks are rising for 2023.”
Load More
Load More