Fall in Dec retail sales points to slowdown in Q4 GDP growth
Inflation may not hit Fed target of 2% after producer prices fall on weak energy costs
Washington
US RETAIL sales fell in December as unseasonably warm weather undercut purchases of winter apparel and cheaper petrol weighed on receipts at service stations, the latest indication that economic growth braked sharply in the fourth quarter.
Other data on Friday showed producer prices fell last month on weak energy costs and modest gains in the price of services, suggesting inflation could struggle to reach the Federal Reserve's 2 per cent target this year.
The Commerce Department said retail sales slipped 0.1 per cent after rising 0.4 per cent in November. For all of 2015, retail sales rose 2.1 per cent, the weakest reading since 2009, af…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US inflation increases moderately in February; consumer spending surges
Fed’s balancing act could see June rate cut in play even with sticky inflation
China’s red carpet draws CEOs but few expect their money to follow
Australia wants businesses to diversify after China scraps wine tariffs
Japan FX chief calls yen’s slump unusual, vows to act if needed
Trump’s meme stock is skyrocketing but for how long?