Americans are spending less. Does this mean trouble?
Retail sales saw their biggest drop in 9 years
Americans are spending less money.
Retail sales dropped in December more than they have in any month since 2009.
The Commerce Department said today retail sales wre down 1.2 percent, the largest drop since September 2009 when the economy was starting to recover from recession.
We’re only hearing about the December retail sales report now, because it was delayed by the federal government shutdown. January’s numbers have not yet been released.
Consumer spending makes up more than 2/3 of the American economy.
Economists say this could be a sign that the economy is in trouble. Another recent report that has prompted worry was released Tuesday. It shows that a record number of Americans, 7 million, are 90 days or more behind on their car payments.
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