Home Economy Retail sales up in December

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.


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