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U.S. Retail Sales Slide Sharply as Inflation Weighs on Consumers

Forex Jan 14, 2022 08:36AM ET
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© Reuters. U.S. Retail Sales Slide Sharply as Inflation Weighs on Consumers

(Bloomberg) -- U.S. retail sales slumped in December by the most in 10 months, suggesting the fastest inflation in decades is taking a greater toll on consumers just as the nation confronts more coronavirus infections.

The value of overall purchases decreased 1.9%, after a revised 0.2% gain a month earlier, Commerce Department figures showed Friday. The figures aren’t adjusted for inflation, suggesting price-adjusted receipts were even weaker than the headline number.

The median estimate in a Bloomberg survey called for a 0.1% drop in overall retail sales from the prior month.

The year-end slide in retail purchases sets up for a tepid handoff to the first quarter. Combined with the impact from the omicron variant, which is denting outlays for services such as travel and dining out, the figures help explain why economists project household spending to soften.

Furthermore, falling price-adjusted wages, dwindling savings and the end of the government’s pandemic-related financial programs suggest a more moderate pace of spending.

 

 

U.S. Retail Sales Slide Sharply as Inflation Weighs on Consumers
 

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Comments (13)
John Laurens
John Laurens Jan 14, 2022 6:34PM ET
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yeah president poopy pants ~ YEAH!!!
Mitchel Pioneer
Mitchel Pioneer Jan 14, 2022 9:43AM ET
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FRAUD out of the gates to reverse yesterday's NASDAQ losses.  Flagrant as ever.  Another day in the biggest investment JOKE in the world.
Victor Yakov
Victor Yakov Jan 14, 2022 9:35AM ET
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Stocks will go to pre-pandemic levels before starting to rise again.
William Smith
William Smith Jan 14, 2022 9:32AM ET
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Retail sales are down because people aren't shopping because of Omicron.
Co Gonz
Co Gonz Jan 14, 2022 9:32AM ET
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Yea.. you tell yourself that
cedrik marchand
cedrik marchand Jan 14, 2022 9:29AM ET
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inflation ? oh big news! we know that for almost a year now
Anthony Doan
Anthony Doan Jan 14, 2022 9:29AM ET
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Correct, but Powell didn't know it. His job should be transitory.
Kevin McHugh
Kevin McHugh Jan 14, 2022 9:20AM ET
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This drop in retail doesnt account for people shopping earlier for Christmas due to supply chain issues. Many people bought in October and November.
Co Gonz
Co Gonz Jan 14, 2022 9:20AM ET
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Proof and numbers.. “many” doesn’t mean much. I’m sure they did but it also probably differs state by state
Jan Rokyta
Jan Rokyta Jan 14, 2022 9:11AM ET
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This just shows how weak growth will be without Fed support
Anthony Doan
Anthony Doan Jan 14, 2022 9:11AM ET
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Yes, and Democrat incompetence.
Bradley Jeko
Bradley Jeko Jan 14, 2022 9:03AM ET
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Wait a minute. Weren’t they pumping the market last month on record holiday spending?…
Hank Reardon
Hank Reardon Jan 14, 2022 9:00AM ET
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Who could've ever seen this coming???
Robin Hood
RobinHdJr Jan 14, 2022 8:56AM ET
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This is what happens when the FED doesn't do their job. They should have raised rates years ago. Now it is too late. Audit the FED
Robin Hood
RobinHdJr Jan 14, 2022 8:56AM ET
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ZERO Reserve officials have been prosecuted for engaging in illegal insider trading activities
John Avenetti
John Avenetti Jan 14, 2022 8:56AM ET
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dude. once they started quantative easing in 2008 when the countries debt was 10T, now 32T it was over then. It has nothing to do with years ago raising rates. in 2017 Social security, medicade, Medicare and interest on the national debt comprised of 92 cents of every tax dollar. Its all planned there is no mistake. Just like the corona sham.
John Avenetti
John Avenetti Jan 14, 2022 8:56AM ET
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because there is no law against it. Don't you know pelosi is worth 100m plus from insider trading which she does legally? You think the rules are the same for you as it is for them? you believe in this corona narrative too??
Robin Hood
RobinHdJr Jan 14, 2022 8:56AM ET
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John Avenetti  What do you think. Corona is just a rebranding of influenza
Tom Sc
Tom Sc Jan 14, 2022 8:56AM ET
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depends what u think their job is. if it's preserving and accelerating the wealth of the richest 5 or 10% among us then they have done a great job
 
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