Retail sales in December increased slightly compared with the same month in 2008, but the weak job market continues to subdue consumer spending, according to two retail organizations. The National Retail Federation and the Retail Industry Leaders Association last week both revealed their retail sales numbers for December.
Retail sales, which exclude automobiles, gas stations and restaurants, rose 2.3% in December, according to the Washington, D.C.-based federation, which did not provide actual December sales data.
“While the consumer appears to be spending again, double-digit unemployment numbers will remain an impediment to maintaining this momentum,” says Rosalind Wells, the federation’s chief economist.
More-cautious household spending caused by the weak job market is continuing to affect consumer spending, agrees Philip Swagel, a Retail Industry Leaders Association outside economist. The Arlington, Va.-based association estimates December retail sales, including food and automobiles, rose 5.4%, to $353 billion from $335 billion a year earlier.
The “retail sales data show that consumers are still waiting for an improved job market before they start spending,” says Swagel.
