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December retail sales fall 1.1% after slipping in November
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Irene Schaefer, of Johnson Creek, Wis., shops for hats at Longhorn Saddlery in Dubuque, Iowa, on Friday, Dec. 30, 2022. On Wednesday, the Commerce Department releases U.S. retail sales data for December. - photo by Jessica Reilly/Telegraph Herald via AP
NEW YORK (AP) — Americans cut back on spending in December, the second consecutive month they've done so, underscoring how inflation and the rising cost of using credit cards slowed consumer activity over the crucial holiday shopping season. Retail sales fell 1.1% in December, following a revised 1% drop in November, the Commerce Department reported Wednesday. In October, retail sales ticked up 1.3%, helped by early holiday shopping.