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U.S. Retail Sales Down Sharply, Likely Cuts to Growth Forecasts Ahead
Retail sales in the U.S. slumped in December by the most in almost a year, reflecting a broad-based retreat that will probably prompt economists to cut growth forecasts. The 0.9 percent drop, the biggest since January 2014, followed a 0.4 percent gain in November that was smaller than previously estimated, Commerce Department figures showed today in Washington. Last month’s decrease was almost twice as large as the most pessimistic estimate of 87 economists surveyed by Bloomberg. Electronics and clothing stores were among the nine of 13 major categories that showed a drop in receipts last month as American ... (full story)
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