Retail sales fell in December, as expected
US retail sales fell 0.1% in December, just as expected.
This compared to a prior gain of 0.2%.
The retail sales control group, which goes into GDP, fell 0.3%, worse than the expectation for a gain of 0.3%.
Excluding the ever-changing costs of automobiles and gas, core retail sales were flat month-on-month, missing the forecast for 0.4%.
With all 12 months in, we now know that 2015 was the worst year for retail sales since 2009.
In a preview to clients, Bank of America Merrill Lynch's Michelle Meyer had noted two things that could complicate this month's data.
First, Cyber Monday was in November this year, and so some of the spending may not reflect in the December numbers.
Also, while there will likely be post-analysis of how the warm winter weather impacted sales, Meyer's research shows that there's no evidence that milder weather supports consumer spending.
"Taking into account the cross currents for December, we conclude that the consumer ended 2015 on a somewhat sluggish note," Meyer wrote. "While we continue to look for a healthy job market to drive spending, we cannot help but be left feeling cautious."
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