• Commerce reported that November retail sales at $442.9 billion were down 0.9 percent compared to November and up 3.2 percent compared to December 2013, and total retail sales from October through December were up 4.1 percent annually. The NRF said that December retail sales, which exclude automobiles, gas stations, and restaurants, were up down 0.9 percent seasonally-adjusted month-to-month compared to November and increased 4.6 percent annually on an unadjusted basis
“The December retail sales report was disappointing,” wrote IHS Global Insight Director, U.S. Consumer Economics Chris G. Christopher, Jr. in a research note. “After a very strong showing in November and October, shoppers decided to hang low. November was a very good auto month and discretionary spending month – and, when that type of thing happens, consumers hang back a bit the next month. Most consumers got their holiday shopping needs out of the way in November and therefore December was relatively weak. In addition, it seems much of the pump price relief did not carry over into extra discretionary spending in December.”