Retail sales decline for third straight month

[marmar]

(CNN Business) US retail sales dropped last month, the Commerce Department said Friday, marking the third straight month without any growth.

Retail sales fell 0.7% in December from the month prior. Economists surveyed by Refinitiv expected sales to be flat. The Commerce Department also revised November's data lower from a 1.1% decline to a 1.4% drop.

America's economic recovery took a hit in the final months of 2020, and the retail sector hasn't been spared. Rising Covid-19 infections and renewed lockdown measures, as well as job losses, have weighed on consumer spending and were a drag on retail sales. The economy shed 140,000 jobs in December, the first decline since April.

The pandemic has forced consumer to shop more online. But not even e-commerce was spared from the December dip, falling 5.8% from the prior month. Compared with the same period a year ago, however, online sales are still up more than 19%. ...............(more)

https://www.cnn.com/2021/01/15/economy/december-retail-sales/index.html