US retail sales declined 0.7% in December, landing below the consensus economist forecast for unchanged spending.
The data suggests strong online sales through the holiday season failed to offset COVID-19 lockdowns and surging case counts. Gauges like the Census Bureau's retail spending report give critical insight into the overall path of the US economy. Consumer spending counts for roughly 70% of economic activity. Renewed lockdown measures across the country have cut into Americans' ability to spend in recent months, particularly in the service sector and at brick-and-mortar stores.
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