US Retail Sales Slump for Third Straight Month as Economy Shrinks

Retail sales in the United States fell for a third consecutive month as pandemic-related shutdowns continue to roil the economy. The Commerce Department said retail sales fell by a seasonally adjusted 0.7% in December compared to a year ago. Retail sales were also down in October and November. The traditional surge in sales around the holidays seems to have sputtered with several retailers, including Nordstrom, Victoria’s Secret and Urban Outfitters saying holiday sales were off. The bad economic news comes in the wake of a gloomy jobs report which saw the economy shed jobs for the first time since spring. 

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