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The economy, inflation, and holiday spending

WAMU 88.5 | By Arfie Ghedi

Published December 20, 2022 at 7:53 AM CST

According to a report by the U.S. Commerce Department, retail sales fell 0.6% in November as consumers pulled back on spending due to rising prices brought on by inflation.

Americans are spending less money this holiday season.

Retail numbers fell 0.6 percent in November according to a report by the U.S. Department of Commerce. That’s the weakest retail performance in a year and a sharp turnaround from the 1.3 percent increase in retail spending seen in October.

The Federal Reserve raised interest rates to fight inflation, but that hasn’t helped to keep prices low.

Since inflation first spiked 18 months ago, Americans have been spending consistently. But it seems like that is beginning to change.

We get into the reasons why and check in on the state of the economy.

Arfie Ghedi