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US retail sales seen to fall in December
By Bob Willis |
January 12, 2009, Monday
|
Print Edition
Print Edition
SALES at United States retailers probably fell in December for a sixth consecutive month as the recession headed into a second year, economists said before reports last week.
Purchases fell 1.2 percent last month, capping the longest stretch of declines since records began in 1992, according to the median estimate in a Bloomberg News survey. Other reports may show prices slumped, led by plummeting commodity costs, and manufacturing output slid.
Consumers are pulling back as unemployment surges and declining home and stock values squeeze household wealth, hurting retailers from Wal-Mart Stores Inc to Macy's Inc. The figures will serve as a reminder to law makers of the urgency to act on President-elect Barack Obama's stimulus plans to try to stem the decline in growth.
"Job insecurity is weighing heavily on consumers and causing them to cut back dramatically, even with energy prices lower," said Dana Saporta, an economist at Dresdner Kleinwort in New York. "Retailers are responding to the weakness in spending by slashing prices." The Commerce Department's retail sales report is due on Wednesday. Purchases fell 1.8 percent in November.
Same-store sales dropped 2.2 percent in the last two months of 2008, making it the worst holiday shopping season in almost four decades of record keeping, the International Council of Shopping Centers said two weeks ago.
Wal-Mart, Macy's and Gap Inc all trimmed their earnings forecasts.
Purchases fell 1.2 percent last month, capping the longest stretch of declines since records began in 1992, according to the median estimate in a Bloomberg News survey. Other reports may show prices slumped, led by plummeting commodity costs, and manufacturing output slid.
Consumers are pulling back as unemployment surges and declining home and stock values squeeze household wealth, hurting retailers from Wal-Mart Stores Inc to Macy's Inc. The figures will serve as a reminder to law makers of the urgency to act on President-elect Barack Obama's stimulus plans to try to stem the decline in growth.
"Job insecurity is weighing heavily on consumers and causing them to cut back dramatically, even with energy prices lower," said Dana Saporta, an economist at Dresdner Kleinwort in New York. "Retailers are responding to the weakness in spending by slashing prices." The Commerce Department's retail sales report is due on Wednesday. Purchases fell 1.8 percent in November.
Same-store sales dropped 2.2 percent in the last two months of 2008, making it the worst holiday shopping season in almost four decades of record keeping, the International Council of Shopping Centers said two weeks ago.
Wal-Mart, Macy's and Gap Inc all trimmed their earnings forecasts.
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