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USA Retail Sales Fall 2.7 Percent in December

Retail sales fell in December by 2.7 percent, a worse than expected number that shows how rising unemployment, stagnant wages, and an ongoing housing crisis have undermined one of the basic props of the U.S. economy.

Consumer spending accounts for about two-thirds of U.S. economic activity, but has headed down every month since June -- an unusual period of decline for an economic indicator typified by steady growth.

Data released today by the Commerce Department showed that total sales for December fell by more than $9.3 billion compared to the month before. The decline in sales from October to November was also revised downward, making December's drop all the sharper.

The data are seasonally adjusted, to factor out the spike in sales that occur during the Christmas shopping season, in order to examine the underlying trend.

On an unadjusted basis, the December result was gloomy as well: unadjusted sales in December were $396 billion, down nearly $40 billion from December, 2007.

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