Beth Ann Bovino, chief U.S. economist at S&P Global, said that although there was bound to be “headline shock” over a weaker number, the broader picture for retail sales had been strong over the past few months. Prices have increased as new variants of the coronavirus have exacerbated supply chain issues and robust consumer demand for goods. Economists at Morgan Stanley had forecast retail sales to rise 0.4 percent in December. Fewer people shopped in stores this holiday season, even though the Omicron variant did not become a prominent threat until December. Image Fewer people shopped in stores this holiday season, with more consumers relying on e-commerce.

Source: New York Times January 14, 2022 21:27 UTC