The Commerce
Department reported on Wednesday that sales at U.S. retailers climbed 0.6 per
cent m-o-m in December 2023, following an unrevised 0.3 per cent m-o-m increase in November. Economists had expected
total sales would jump 0.4 per cent m-o-m in December.
According to
the report, the December advance in total retail sales was due to increases in 8
of all 13 retail categories, led by clothing and clothing accessories stores(+1.5
per cent m-o-m), nonstore retailers (+1.5 per cent m-o-m), general merchandise
stores (+1.3 per cent m-o-m), and motor vehicle and parts dealers (+1.1 per
cent m-o-m). These gains, however, were partly offset by declines in 4 other categories, led by health and personal
care stores (-1.4 per cent m-o-m), and gasoline stations (-1.3 per cent
m-o-m). Food services and drinking places demonstrated no change in retail
sales last month.
Excluding auto,
retail sales went up 0.4 per cent m-o-m in December after an unrevised 0.2 per cent gain m-o-m in the previous month, matching
economists’ prediction of a 0.2 per cent m-o-m advance.
In y-o-y terms,
U.S. retail sales soared 5.6 per cent in December after a downwardly revised 4.0
per cent boost (from +4.1 per cent) in the previous month. This was the fastest
annual increase in retail sales since January 2023 (+7.4 per cent y-o-y).