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.