Retail sales fell 1.1% in December, a weak finish to the holiday shopping season. Consumers spent less on vehicles, gasoline and furniture.
Shoppers faced higher interest rates, elevated inflation and worries about economic slowdown late last year
In 2021, officials thought high inflation would be temporary. But a year later, it was still near a four-decade high. WSJ’s Jon Hilsenrath explains factors that have kept inflation up longer than expected. Illustration: Jacob ReynoldsU.S. consumers cut back on retail spending at the height of the holiday season as
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