Americans cut back on spending in December, for the second consecutive month, underscoring how inflation and high interest rates on credit cards slowed consumer activity over the holiday shopping season. Retail sales fell 1.1% in December.
Solid hiring, rising pay, and savings beefed up by government financial support during the pandemic enabled most Americans to keep up with rising prices. That government assistance has long ended, however, and some Americans have dipped into savings accounts since then. Credit card defaults are on the rise with some households slow to adjust their spending to a new reality.
On a monthly basis, prices actually slipped 0.1 percent from November to December, the first such drop since May 2020. Major retailers including Walmart and Target release details on their fourth quarter performances next month.
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