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Holiday retail sales miss expectations, NRF says
Market outlook on inflation data and how investors are feeling heading into 2023
Penn Capital CIO Eric Green discusses the December Consumer Price Index and more on ‘Morning’s with Maria.’
Retail sales during the 2022 holiday season fell short of expectations as persisting inflation and high interest rates continued to put pressure on American households, according to the nation's largest retail trade group.
Sales from the November through December shopping period grew 5.3% compared with a year ago, reaching $936.3 billion, data released by the National Retail Federation (NRF) on Wednesday showed.
Earlier in the season, the trade group forecasted that retail sales would grow between 6% and 8%, reaching between $942.6 billion and $960.4 billion.
RETAIL SALES JUMP 7.6% DURING CRITICAL HOLIDAY SHOPPING SEASON
Still, despite historic levels of inflation and high interest rates, NRF CEO Matt Shay said the year still ended "with impressive annual retail sales and a respectable holiday season."