Retail Sales: '22 Closes With Slower Consumption

Bottom Line:   Retail sales fell more than expected in December as core sales tumbled nearly 0.7% on the month, closing 2022 on a slow note. Among the "core" categories, online sales fell over 1%, while restaurants and bars saw sales fall nearly 1%. General merchandisers, clothing, furniture and even health and personal care stores saw slower sales. The lone bright spot was the building and garden supply store segment, which saw 0.3% growth, likely related to preparations for harsh winter weather that hit many parts of the country late in December. Overall, consumers continued to face a dual headwind of higher prices and interest rates, which continued to take a toll on consumption in December, dragging on GDP late in the 4th Quarter.

Total US Retail Sales FELL -1.15% . Retail Sales for October were revised down from +1.31% to +1.07%, while November was revised down from -0.582% to -0.991%.