Consumers pulled back on spending in November, failing to keep up with even a muted level of inflation.
Retail sales for November declined 0.6%, even worse than the Dow Jones estimate for a 0.3% drop.
Fed surveys from the New York and Philadelphia regions showed contraction in manufacturing activity in December. Retail sales for the month declined 0.6%, even worse than the Dow Jones estimate for a 0.3% drop. The number is not adjusted for inflation as gauged by the Labor Department's consumer price index, which increased 0.1% in November, which also was below expectations.Stock market futures added to losses following the report, with futures tied to the Dow Jones Industrial Average off about 350 points.
Also, separate surveys from regional Federal Reserve districts showed contraction in manufacturing activity in December.
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