Source: Economics Group of Wells Fargo Bank, N.A.Summary Ten of 13 retailers saw sales fall in December while back-to-back declines in control group sales suggest a weak end to the year for goods spending. Slowing inflation was not enough to offset slowing demand. Look for more weakness as excess savings and recent real income gains fade. Rough Finish to 2022 Sets the Stage for Spending Slowdown in 2023 December was another ugly month for retail sales. Not only did sales decline 1.1% in the month, which was more than expected, but revisions to prior data left overall sales even lower. Excluding autos and gas stations, sales still fell 0.7% in December with ten of 13 categories posting declines (chart). READ FULL ARTICLE>>
