Wednesday, January 14, 2015

Retail Sales Drop, Driven By Falling Gasoline Prices

Retail and food service sales for December were $442.9 billion, a decrease of 0.9% from the previous month, but 3.2% above December 2013, according to a report released this morning by the U.S. Census Bureau. The decline was largely driven by falling energy prices.

Sales gains for November and October were revised down by 0.3 and 0.2 percentage points respectively. Total sales for 2014 were up 4.0% from 2013—the weakest growth since February.

Gasoline stations sales declined 6.5% from November and 14.2% from December 2013 due to lower gasoline prices. Sales at building supply stores, electronics and appliance stores and general merchandise stores also suffered monthly declines. Auto and other motor vehicle dealers were also down from the previous month, but up 9.8% from December 2013.

Read the Census report.

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