The most important part of the US economy - retail sales - continues to grow at a slow but steady pace
The most important part of the US economy - retail sales - continues to grow at a slow but steady pace. Retail purchases increased by 0.2% in December from the prior month, beating expectations of a 0.1% gain. Now, that may seem like a mild increase for purchases during the biggest holiday month of the year, but consider two things. First off, many people buy holiday gifts in November or earlier. More importantly, if you strip out automobile sales, retail spending actually climbed by a decent 0.7%. Automotive sales can be notoriously volatile from month to month and were likely hampered by the extreme cold weather. Meanwhile, 0.7% growth bodes well for the economy and is a sign that people are more confident about the current economic conditions/job market. Keep in mind, retail purchases make up 70% of US GDP. (VIEW LINK)
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