Forex News

US retail sales tumble 0.7% in December

US retail sales tumble 0.7% in December

U.S. retail sales for November witnessed an unexpected decline in December, in light of lower consumer spending rates due to the negative effect of the second wave of the Corona pandemic and lockdowns.

The retail sales index for the month of December slumped 0.3%, compared to forecasts of a stall. The reading for November was revised to record a decrease of 1.4% from 1.1%.

On the other hand, the core retail sales index dropped in November by 1.4% from a previous fall of 1.3%, while expectations were for a drop by 0.1%.

The dollar index, which measures the performance of the dollar against a basket of major currencies, snapped some of its earlier gains to trade at 90.40 from the session’s top of 90.50. On the weekly basis, the dollar may lock its second straight weekly advance after hitting its lowest level since April last week. 


Share Article