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The Staff & Sword Ministry/Addendum
ADDENDUM AFTERMATH!
(Continued)
Retail sales take dive in December atstni. $5, 20( Fed report reveals economy's growing, but gains were modest Paul Davidson and Hadley Malcolm
usA TODAY
RETAIL SALES PLUMMET
Retail sales unexpectedly Sales for severplunged in December, closing out al key store categories fell the holiday sales season meekly. The latest report raises ques- last month: tions about the strength of consumer spending, which has MOTOR shown signs of accelerating re- VEHICLES cently. But several economists noted that overall seasonal sales . . were still solid and tumbling gasoline prices should continue to ELECTRONICS bolster consumer spending. Separately, the Federal Reserve on Wednesday said the US. economy grew in December, but gains CLOTHING were "modest" to "moderate" and the fall in oil prices began to take a toll in the Dallas area. Last month, retail sales de- GENERAL dined 0.9%. Economists had ex- MERCHANDISE pected a 0.1% increase. Much of the drop was due to falling gas prices. But even core sales, which exclude autos and gasoline, declined 0.3%, short of the 0.5% rise But a few economists had expected. And categories November's 0.7% jump in retail dld show an increase: sales was revised down to 0.4%. In December, motor vehicle sales fell after rising sharply in FURNITURE previous months. Electronics, gb clothing, general merchandise, "%Pea% sporting goods and online sales •all slipped. Furniture, restaurant, RESTAURANTS I • and health and personal care sales increased. Tepid wage growth continued to constrain consumer spending late last year, HEALTH AND I but low gas prices left shoppers a PERSONAL CARE ;windfall of extra cash. While sales on Black Friday were disappointing and retailers reported a mixed turnout in De- soma ember, overall the retail industry US CENSUS BUREAU is calling the holiday shopping season a success. With retailers offering more discounts across the entire shopping period instead of just on key days like Black Friday and Cyber Monday,
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-0.3% -0.9%
+0.8% +0.5%
January 24, 2015