US Retail Sales Down 3rd Straight Month - Commerce Dept.

US Retail Sales Down 3rd Straight Month - Commerce Dept.

US retail sales fell for a third straight month in December, with merchants netting 0.7 percent, or nearly $550 billion, less sales than in November, the Commerce Department said in a statement on Friday

WASHINGTON (Pakistan Point News / Sputnik - 15th January, 2021) US retail sales fell for a third straight month in December, with merchants netting 0.7 percent, or nearly $550 billion, less sales than in November, the Commerce Department said in a statement on Friday.

"Advance estimates of US retail and food services sales for December 2020, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $540.9 billion, a decrease of 0.7 percent from the previous month," the statement said.

Economists polled by US media had expected December retail sales to be unchanged at least compared to November, on the assumption that last-minute promotional pushes could have saved the month for businesses.

But the impact of the increased number of coronavirus cases and the continuing restrictive measures had proven greater as they limited traditional year-end shopping and dining out.

"Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year," Matthew Shay, president and CEO of the National Retail Federation, said in a statement.