U.S. retail sales drop more than expected in December

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WASHINGTON (Reuters) – U.S. retail sales fell more than expected in December, pulled down by a decline in motor vehicle purchases and a range of other goods, putting consumer spending and the overall economy on a weaker growth path heading into 2023. The Commerce Department said on Wednesday that retail sales dropped 1.1% last month. Data for November was revised to show sales decreasing 1.0% instead of 0.6% as previously reported. Economists polled by Reuters had forecast sales dropping 0.8%, with estimates ranging from a 1.6% decline to being unchanged. Retail sales are mostly goods and are …

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