"Strong December Retail Sales Signal Positive Consumer Outlook for 2024"

December retail sales in the US exceeded expectations, growing by 0.6% and capping a strong 2023, with clothing and nonstore retailers seeing a 1.5% increase while health and personal care stores experienced a 1.4% dip. For the full year, retail sales excluding auto and gas increased by 4.9%, with food services and drinking places rising by 11.3% but spending at gasoline stations declining by 11.5%. The report is closely watched for signs of a "soft landing" in the US economy, as Fed Chair Jerome Powell emphasized the importance of managing strong economic growth in the fight against inflation, which increased more than expected in December to 3.4%.