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The sharp decline in core retail sales in December suggests a moderation in the pace of consumer spending in the fourth quarter. Consumer spending, which accounts for more than two-thirds of the US economy, grew 3.5% annualized between July and September.
The estimated gross domestic product for the fourth quarter is about 2.7%. The economy grew by 3.4% between July and September.
In December, online and mail retail sales fell 3.9%, the largest decline since November 2008, following a 2.8% gain in November. Revenues at gas stations fell 5.1%, the largest decrease since February 2016, driven by lower gas prices.
Revenues from clothing and furniture stores also declined.
Recipes in restaurants and bars dropped 0.7% and spending at hobby, music and bookstore stores plunged 4.9%, the largest decline since September 2008.
But sales at auto dealerships increased 1.0% in December, after rising 0.7% the month before. Sale to building materials
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