U.S. Retail Sales Down

U.S. Retail Sales Down Sharply, Likely Cuts to Growth Forecasts Ahead

Retail sales in the U.S. slumped in December by the most in almost a year, reflecting a broad-based retreat that will probably prompt economists to cut growth forecasts.

Electronics and clothing stores were among the nine of 13 major categories that showed a drop in receipts last month as American consumers decided to save instead of spend the windfall from lower gasoline prices.

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