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Home»Business»Retail Sales Decline In January As Americans’ Economic Woes Persist
Business

Retail Sales Decline In January As Americans’ Economic Woes Persist

February 15, 2024No Comments3 Mins Read
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Retail Sales Rises 3.1% During Holiday Shopping Season
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Consumers cut back on retail spending in January as factors like inflation and high credit card debt weighed on Americans, according to a report from the Department of Commerce.

U.S. retail sales were $700.3 billion in January, a decline of 0.8% from December adjusted for seasonal fluctuations, but were up 0.6% from January 2023 without taking price changes into account, according to a report from the Department of Commerce’s Census Bureau. Prices increased 3.1% year-over-year in January due to inflation, placing downward pressure on Americans’ spending power. (RELATED: Inflation Missed Expectations In January. Are We Just Stuck With High Inflation Forever?)

Retail sales in December were $706.2 billion, up by 0.4% from November, not accounting for inflation, according to the Census Bureau. Sales for building materials and garden supplies declined the most in January, down 4.1% in the month, followed by sales at motor vehicle and parts retailers, which declined 1.7% in the same time frame.

ICYMI! US retail sales fell 0.8% in January, marking the biggest decline since March last year. pic.twitter.com/0dQ6T58y2D

— jeroen blokland (@jsblokland) February 15, 2024

Consumers are increasingly turning to credit cards to fund their purchases, with Americans adding $50 billion in new credit card debt in the fourth quarter of 2023, bringing the cumulative total to a new all-time high of $1.129 trillion. Overall household debt increased by $212 billion in the fourth quarter, totaling $17.5 trillion.

Americans are also feeling pressure from high interest rates due to hikes from the Federal Reserve in the federal funds rate, which has been set to a range of 5.25% and 5.50%, the highest rate in 23 years. Rates were placed at such a high level to combat high inflation, which has resulted in an overall price increase of 18% since Biden first took office in January 2021.

See also  Dollar buckles on US disinflation signs as Fed nears end of hiking cycle

The pullback in retail sales threatens to dampen economic growth, as consumer spending generally accounts for around 70% of gross domestic product (GDP) gains. GDP grew 3.3% in the fourth quarter of 2023 and 4.9% in the third quarter, above the common growth rate of around 2%.

The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Americans Decline Economic January Persist Retail sales Woes
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