US consumption is falling sharply

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Published 14 January 2022 at 15.28

Economics. Sales in the US retail trade fell 1.9 percent in December, which was significantly more than the 0.1 percent that analysts had expected, reports AP.

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According to the news agency, Christmas shopping was hampered by a lack of products, higher prices and omikron, which caused consumers to sharply curtail their spending in December after increased sales the month before.

Physical retail lost 7 percent of its sales, restaurants 0.8 percent and online stores 8.7 percent in December.

The retail trade interest group NRF will release its figures from Christmas shopping later on Friday. They are expected to show a growth of 8.5 to 10.5 percent compared to 2020 sales, which were strongly hampered by corona.