Americans unexpectedly spent way less at retail stores in December amid the Omicron surge
8 days ago - By Business Insider
Brandon Bell/Getty Images
US retail sales shrank 1.9% in December as the spending slowdown extended through the holidays.
Economists expected spending to drop by 0.1%. The print follows a 0.2% jump in November.
The report shows Americans' demand continued to wane into 2022, hinting inflation could soon follow suit.
Spending at US retailers and restaurants plunged in December as the Omicron wave surged and spiking prices cut into Americans' demand. Retail sales tumbled 1.9% last month to $626.8 billion, according to Census Bureau data out Friday. That fell short of the median forecast of a...
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