The Census Bureau reported(.pdf) that U.S. retail sales rose 0.6 percent in December following average increases of 1.1 percent during the four prior months, perhaps a sign that consumers have released much of their “pent up demand” since last summer’s slowdown, a development that seems to be extending into the new year based on a Gallup poll released just yesterday indicating a sharp decline in early-January consumer spending.
December gains were paced by a 2.0 percent sales increase at building material & garden supply stores, gas station sales that rose 1.6 percent, and auto sales that were up 1.1 percent. Declining categories included a 0.7 percent decline at general merchandise stores and 0.6 percent drops for electronics & appliances and food & beverages.
For all of 2010, retail sales rose 7.9 percent, the biggest gain in 11 years coming after two years of declining sales in both 2008 and 2009.
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