US Retail Sales Stall in December, Raising Concerns Over Economic Growth

U.S. retail sales showed surprise weakness in December, after a solid gain the month before, raising concerns about consumer spending as the year begins. Sales were unchanged last month, following an unrevised 0.6% increase in November, according to the Commerce Department's Census Bureau. Economists had predicted a 0.4% rise in retail sales, which mainly cover goods and are not adjusted for inflation. Retail stayed firm, but saving rate fell to 3.5% in November from 3.7% in October, down from 31.8% in April 2020. Core sales fell 0.1% in December after a revised 0.2% November rise, which was previously reported to have advanced to 0.4% in November. Spending drove 4.4% third-quarter growth and fourth-quarter GDP growth is 4.2%.