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## Strong December Retail Sales Results Surpass Expectations

Holiday shopping turned out even better than expected in December as shoppers significantly ramped up their spending to close out a strong 2023, as reported by the Commerce Department on Wednesday.

Retail sales experienced a 0.6% increase for the month, surpassing the 0.4% estimate set by Dow Jones. The boost in sales was propelled by a surge in clothing and accessory stores, as well as online non-store businesses. The robust results have provided a positive conclusion to the year for the retail sector.

Excluding auto sales, the month saw a 0.4% increase, which also exceeded the 0.2% estimate. These figures have sparked speculation about the U.S. economy’s strength heading into the new year, especially with anticipated growth slowdown. However, the resilient consumer spending signals potential momentum and may influence the Federal Reserve’s approach to interest rates.

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The year-over-year retail sales showed a 5.6% increase, unadjusted for inflation. It revealed that consumers are outpacing the 3.4% inflation rate, as measured by the consumer price index. Despite a 0.3% increase in the CPI in December, lower than the retail sales increase, there remains a positive momentum in consumer spending.

Additionally, another indicator of retail sales strength, excluding sales from specific sectors, experienced an 0.8% increase for the month. The Commerce Department relies on this “control group” in GDP calculations, emphasizing the significant impact of these figures on the overall economic health of the country.

The report showcased widespread sales strength for the month, notwithstanding a few areas of weakness. Health and personal care store receipts as well as gas stations saw declines of 1.4% and 1.3% respectively, while furniture and home furnishing stores’ sales also fell by 1%. On a yearly basis, the largest gains were observed in food services and drinking places, rising by 11.1%, with notable increases in health and personal care and electronics and appliances as well.

In conclusion, these impressive retail sales figures for December are indicative of a resilient and robust consumer market, potentially contributing to a positive economic outlook for the upcoming year.

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