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ARTICLE · 24 JANUARY 2023

U.S. Economic Overview

Ankura Consulting Group LLC
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Retail sales (excl. autos/parts/gas stations) increased 7.2% in December, and decreased .7% over previous month...

United StatesStrategy
Keith Jelinek
Keith Jelinek
Rick Maicki
Rick Maicki
Chris Ventry
Chris Ventry
Laura Wheeler
Laura Wheeler

Summary

  • Retail sales (excl. autos/parts/gas stations) increased 7.2% in December, and decreased .7% over previous month
    • Holiday sales (Nov/Dec) increased 6.8%
    • Total year 2022 increased 8.7% above 2021
    • December Food Services/Dining increased 12.1%
    • Non-Store Retailer sales rose 13.7% over 2021
    • Grocery sales were up 7.3% and all other major retail segments were under 4% YOY – Electronics declined nearly 6%
  • Consumer Sentiment was down 3.9% vs. 2022 but rose over 8% MTM
    • Current Conditions Index was up 15.5% over previous month, but recent changes in global factors may dampen progress in the early part of 2023
  • Consumers continue to dip into savings / extend credit to cover the gap between gains in personal income and inflation
    • Personal disposable income rose 3.5% in November, still well below the November CORE CPI rate of 5.7%

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