Retail sales gain as Americans ignore higher tax threat
Source: Agencies |
January 16, 2013, Wednesday
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Print Edition
Print Edition
US retail sales rose solidly in December as Americans shrugged off the threat of higher taxes and bought automobiles and a range of other goods, suggesting momentum in consumer spending as the year ended.
Other data yesterday showed inflation pressures remained muted, with wholesale prices declining for a third consecutive month in December. That should allow the Federal Reserve to remain on its very easy monetary policy stance to nurse the nation's recovery.
Retail sales gained 0.5 percent after rising 0.4 percent in November, the US Commerce Department said. Sales were up 4.7 percent from December 2011 and rose 5.2 percent for the whole of 2012.
"That does suggest a resilient consumer in the face of the fiscal cliff debates. It offers a favorable sign for fourth-quarter growth," said Joe Manimbo, a senior market analyst at Western Union Business Solutions in Washington.
Meanwhile, the Labor Department said its seasonally adjusted Producer Price Index slipped 0.2 percent last month.
Other data yesterday showed inflation pressures remained muted, with wholesale prices declining for a third consecutive month in December. That should allow the Federal Reserve to remain on its very easy monetary policy stance to nurse the nation's recovery.
Retail sales gained 0.5 percent after rising 0.4 percent in November, the US Commerce Department said. Sales were up 4.7 percent from December 2011 and rose 5.2 percent for the whole of 2012.
"That does suggest a resilient consumer in the face of the fiscal cliff debates. It offers a favorable sign for fourth-quarter growth," said Joe Manimbo, a senior market analyst at Western Union Business Solutions in Washington.
Meanwhile, the Labor Department said its seasonally adjusted Producer Price Index slipped 0.2 percent last month.
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