US Dec retail sales beat expectations: S&P Global Market Intelligence

Retail and food services sales grew by 0.6 per cent to $709.89 billion over the previous month’s figure, according to US Census Bureau data, whereas economists had anticipated a more subdued increase of 0.4 per cent for December. December sales were up by 5.6 per cent year over year, while sales for 2023 were 3.2 per cent higher than the 2022 figure.

Department stores registered a 3 per cent increase in sales over the previous month, while all other categories registered changes of 1.5 per cent or less from November sales figures.

Bankruptcies among retailers remained subdued in December amid strong holiday sales. Women's clothing retailer Anne Fontaine USA Inc filed for bankruptcy in mid-January as the only retailer to do so over the month ended January 17.

Twenty six retailers sought bankruptcy protection last year, an uptick compared to the two prior years but below annual bankruptcy filings for 2015 through 2020, S&P Global Market Intelligence said on its website.

ALCHEMPro News Desk (DS)