Posted on 01/14/2022 9:20:56 AM PST by Red Badger
Retail sales in the U.S. declined sharply in December, indicating that the worst inflation in decades is hitting consumers harder than analysts expected.
Total retail sales dropped 1.9 percent in December, typically a month of robust holiday shopping, Commerce Department data showed Friday. The figures are not adjusted for inflation, suggesting that price-adjusted purchases were even weaker. The Consumer Price Index rose 0.5 percent in December.
The results were far worse than analysts expected. The median estimate by analysts was for sales to be flat to down just one-tenth of a percentage point.
Retail sales were better than expected in September and October, suggesting that concerns about inflation and shortages of goods may have pulled some shopping forward. Sales rose 0.8 percent in September and 1.7 percent in October. In an inflationary environment, making purchases early can help avoid higher prices later.
November was revised down from a 0.3 percent gain to 0.2 percent gain. The Consumer Price Index jumped 0.8 percent in November, following an increase of 0.9 percent in October. This suggests that inflation-adjusted sales actually declined on a month-over-month basis in November.
The worse than expected retail sales figures were foreshadowed by disappointing jobs numbers in November and December. Many businesses likely hired early in reaction to early shopping and concerns about supply chain and shipping delays hitting later. Employers added 531,000 employees to payrolls in October and there were a record 11 million job openings at the end of the month.
Excluding motor vehicles, which have been in short supply due to supply chain issues, and gasoline station sales, retail sales fell by 2.5 percent. Excluding restaurant sales, retail sales were down 2.1 percent.
(Excerpt) Read more at breitbart.com ...
There may be hope if the consumers get a little sense about them. Maybe they have just run out of other people’s money finally?
I have wondered when the drunken spending spree would end.
Builders around here are starting to feel some pinch. Higher cost money may enforce some sensibility.
Stupid housing prices bring bubble bursts. Hope you like where you live if you bought in the last 20 months or so because it may take a long time to break even. If so, I love it and will LMAO.
My house is paid for, thanks to President Trump!..................
My business has been down over 90% the past two years thanks to Fauci and his Chinese lab. And for what? I retooled for some new projects so this year looks good but now that I need to hire it’s darn near impossible. Let’s go Biden!!!
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