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Retail Sales: '22 Closes With Slower Consumption

January 18, 2023
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%. 
  • ex Auto, Parts & Gas sales FELL -0.69%  
  • Nonstore (Online)  sales FELL -1.15%  
  • Eating & Drinking Places sales FELL -0.94%  
  • Food & Beverage Stores sales were nearly unchanged,  0.03%
  • Gas Stations sales FELL -4.57%  
  • General Merchandise Stores sales FELL -0.85%  
  • Building & Garden Supply sales ROSE 0.28%  
  • Health & Personal sales FELL -0.88%  
  • Clothing Stores sales FELL -0.29%
Article by Contingent Macro