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Retail sales see 'promising' growth in December
Total retail sales rose 0.3 percent in December – the third consecutive month to see a rise. NAFCU Chief Economist and Vice President of Research Curt Long provided additional insights in a new NAFCU Macro Data Flash report.
"The holiday season was expected to be modest, but these are promising numbers," said Long. "Continued economic expansion will drive moderate retail sales in 2020, with the potential for better wage growth in a tight labor market serving as a notable risk."
Year-over-year growth in retail sales was 5.8 percent in December, up from 3.3 percent in November. Control group sales increased 6.4 percent from a year ago.
Results among the major retail segments we mostly positive in December, with vehicle and parts and department stores seeing declines.
For more on December's retail sales, view the data flash. NAFCU's Research Team publishes up-to-date economic data weekly with summary analysis illustrating the most recent trends that impact credit unions.