NRF Reports 'Disappointing' Drop in December Retail Sales, But Best Holiday Selling Season in 4 Years
U.S. holiday retail sales for November and December reached $616 billion, the highest level since 2011, said the National Retail Federation (NRF) Wednesday. Online and e-commerce sales grew 6.8 percent to $101.9 billion, NRF said. But a “significant drop” in…
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gasoline prices in December resulted in a retail sales drop of 0.9 percent from November and 4.6 percent year over year, NRF said. “While December’s figures are disappointing, holiday sales in 2014 are the best we've seen since 2011,” said NRF Chief Economist Jack Kleinhenz. NRF remains “positive about the future” and expects consumers to “continue to benefit from the extra income gained from an improved job market and the dramatic fall in gas prices,” said Kleinhenz. The Commerce Department said retail sales slumped by 0.9 percent in December.