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Weak US Retail Sales, Factory Data Heighten Recession Concerns

  • Purchases decreased 1.1% in December, missing median estimate
  • Manufacturing decline was broad, included autos, machinery
Bloomberg business news
Retail Sales Fall More Than Forecast, PPI Also Declines
Updated on

US retail sales fell by the most in a year and business equipment production slumped, raising concerns that the economy is losing momentum under the weight of tighter Federal Reserve policy.

The value of overall retail purchases broadly decreased 1.1% in December after a downwardly revised 1% drop in the prior month, Commerce Department data showed Wednesday. Separate figures showed a 1.3% decline in factory output last month that wrapped up the weakest quarter for manufacturing since the onset of the pandemic.