US retail sales rose at a faster pace in December

Washington, DC (CNN) — Americans spent at a faster clip in December, closing out a year of surprising economic resilience largely driven by the US consumer.

Posted 1:35 p.m. Jan 17 — Updated 1:35 p.m. Jan 17

Bryan Mena

, CNN

CNN — Washington, DC (CNN) — Americans spent at a faster clip in December, closing out a year of surprising economic resilience largely driven by the US consumer.

Spending at US retailers rose 0.6% in December from the prior month, the Commerce Department reported Wednesday. That was a faster pace than the 0.3% gain in November and well above economists’ expectations. Retail sales are adjusted for seasonal swings, but not inflation.

Wednesday’s report suggests that American shoppers could continue to drive growth in 2024, though economists expect hiring and spending to run at a slower pace compared to last year.

This story is developing and will be updated.

Suggest A Correction