According to a new report, US retail sales significantly shrunk in the month a December, in spite of the holidays, as shoppers were pinched between the dual effects of inflation and the Omicron variant of the coronavirus.
The Details: Retail sales dropped 1.9 percent in December according to a report released by the Commerce Department.
The numbers represented a sharp decline from the 1.8 percent gain witnessed the month before.
Online sales dropped by 8.7 percent likely caused by an increase in Americans ordering their Christmas presents earlier than normal.
In addition electronics sales were down by 2.9 percent, while restaurant and bar sales declined by 0.8 percent.
Many economists expect inflation and supply chain issues to finally subside when the pandemic is over.