2018 Holiday Spending Lower Than Expected

The U.S. Commerce Department released itsDecember retail sales report, which showed that holiday retail sales were lower than expected, though they were still up 2.9 percent from 2017 to $707.5 billion. 

“Today’s numbers are truly a surprise and in contradiction to the consumer spending trends we were seeing, especially after such strong October and November spending,” said National Retail Federation Chief Economist Jack Kleinhenz, according to a press release. 

The report, which was delayed by the government shutdown, analyzed spending during both November and December. Experts believe the lowered spending can be linked with the government shutdown and trade tensions.