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Retail sales up in December

Consumers spent more in the holiday shopping season than expected, according to Bloomberg News.

Retail sales increased 0.5 percent  in December, according to a U.S. Department of Commerce report, while Bloomberg economists forecasted a 0.2 percent increase.

Throughout the year, retail sales increased 5.2 percent in 2012, compared to a 7.9 percent increase in 2011, the report states.

New payroll taxes passed under the fiscal cliff tax agreement are expected to have a moderate effect on retail sales during the upcoming months, according to Bloomberg reports.


About The Author

Jennifer Bissell

Jennifer Bissell was a reporter for both the Fairfield and Westchester business journals from 2012-2014. She attended the University of Minnesota and contributed to several regional publications including the St. Paul Pioneer Press, St. Cloud Times and Twin Cities Business magazine.

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