Headlines

December Retail Sales Sluggish

Figures reflect a slide into recession, economist says.

Published

1 year ago

January 23, 2023

INSTORE Staff

iStock, zhudifeng

U.S. retail and food services sales for December 2022 were $677.1 billion, down 1.1 percent from the previous month, but up 6 percent from December 2021, according to the latest report from the U.S. Census Bureau.

The bureau also found that retail sales for 2022 were up 9.2 percent from 2021.

“Even when adjusting for inflation, which was roughly flat month-over-month in December, sales dropped,” Principal Economist Eric Lundh of the nonprofit think-tank The Conference Board wrote in his analysis of the bureau’s figures. “Looking ahead, we expect consumer spending to continue to contract as the U.S. economy slips into recession early this year.”

As we’ve noted before, there have been a number of mixed signals on whether or not the U.S. is actually transitioning into a recession, but the question remains a hot topic for economists.

Lundh noted that the board’s Gross Domestic Product (GDP) forecast for the fourth quarter “is consistent with this weaker data. We assume that overall real consumer spending will contract by 0.5 percent month-over-month in December versus the contraction of 1.1 percent in real retail sales.”

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”