US retail sales rose 3.1% this holiday season — sharp drop from 7.6% last year: report

Published

2 years ago

January 3, 2024

admin

Inflation-battered shoppers cut back on their holiday spending this year — opening their wallets mainly for “big deals,” according to industry experts and newly released figures.

US retail sales rose just 3.1% year-over-year between Nov. 1 and Dec. 24 — well short of analyst forecasts of 3.7% and less than half of the 7.6% spike recorded last year, according to Mastercard.

Amazon and Walmart ramped up promotions through November to entice bargain-hunting shoppers, but analysts said the discounts were not as deep as the prior year when retailers were saddled with excess stock after the pandemic.

Arun Sundaram, an analyst at CRFA Research, said many shoppers waited for Black Friday and Cyber Monday to make holiday purchases and finished the final sprint during Super Saturday — the last shopping day before Christmas.

“Consumers are still spending, but they’re still price conscious and want to stretch their budgets,” Sundaram said.

He said the weeks between Cyber Monday and Super Saturday were a “soft period” for spending, but shoppers used the final weekend before Christmas to look for “big deals.”

Online shopping accounted for a large chunk of this year’s holiday spending. According to the Mastercard report, online retail sales jumped by 6.3% year-over-year, while in-store sales rose just 2.2%.

Apparel sales jumped 2.4%, while in-person dining at restaurants soared by 7.8%, according to the report.

There were declines in sales of jewelry (2%) and electronics (0.4%).

Ultimately, it was about getting the most bang for your buck as consumers spent on a variety of goods and services, resurfacing spending trends from before the pandemic, Mastercard senior adviser Steve Sadove said.

Americans have been saddled with soaring prices in recent years though there have been signs inflation is beginning to cool.

The Fed’s preferred measure of inflation — the Personal Consumption Expenditures price index (PCE) — rose less than expected in November.

According to the Bureau of Economic Analysis, core inflation, which excludes food and energy costs, rose 0.1% compared to October.

That was lower than the 0.2% rise forecast by economists polled by Reuters. The year-over-year increase was 3.2%, lower than Octobers 3.4% gain.

The figures signal that the Fed is winning a nearly two-year battle against inflation and further increase the odds for lower interest rates in the new year.

The Federal Reserve has signaled that it intends to slash interest rates which are currently between 5.25% and 5.5% by as much as 75 basis points in 2024.

Projections from all 19 policymakers that showed near unanimity that borrowing costs would fall next year, many of them by a substantial margin following their latest policy meeting earlier this month, when borrowing costs held steady at their 22-year high.

Sports

Mets sit banged up McNeil, Nimmo vs. Nationals

Published

1 hour ago

August 21, 2025

admin

Mets sit banged up McNeil, Nimmo vs. Nationals

Associated Press

Aug 21, 2025, 03:26 PM ET

WASHINGTON — Jeff McNeil has a sore right shoulder, the latest nagging injury for the New York Mets as they try to recover from a late-summer swoon.

McNeil was out of the lineup for Thursday’s series finale at Washington, with Brett Baty starting at second base. One of the Mets’ most consistent hitters, McNeil went 4 for 8 with a homer, two doubles and five RBI in the previous two games against the Nationals.

“It doesn’t bother him to swing the bat. It’s just more the throwing,” manager Carlos Mendoza said.

The shoulder problem began late last week, Mendoza said, which is why McNeil started at designated hitter on Saturday and Sunday.

Brandon Nimmo was also out of the lineup Thursday with the stiff neck that forced him to leave Wednesday night’s game in the second inning. Tyrone Taylor started in left field.

“We didn’t see much improvement overnight,” Mendoza said of Nimmo.

McNeil has experience in left, but the shoulder problem means he’s not an option there for now.

New York’s series at Washington began Tuesday with the news that catcher Francisco Alvarez has a sprained ligament in his right thumb that will require surgery. Alvarez is hoping he can play through the pain after a stint on the injured list.

Backup catcher Luis Torrens had a rough night Wednesday that included getting hit in his receiving hand by a bat on a catcher’s interference play, but Mendoza said Thursday that Torrens was “fine.”

The Mets had a three-game winning streak before Wednesday night’s loss, but the team with the biggest payroll in the majors is just 5-15 since July 28. New York entered Thursday trailing Philadelphia by 6 1/2 games in the NL East and was one game ahead of Cincinnati for the final wild-card spot.

Science

Rice University Scientists Confirm Flatband Discovery in Kagome Superconductor

Published

1 hour ago

August 21, 2025

admin

flatband states in CsCr₃Sb₅, a kagome superconductor. This experimental validation connects lattice geometry with emergent superconductivity, opening new pathways for engineered quantum materials, superconductors, and advanced electronics.

World

Israel maintains pressure on Gaza City as ‘first stages of attack begin’

Published

1 hour ago

August 21, 2025

admin

Israel maintains pressure on Gaza City as 'first stages of attack begin'

Gaza City residents say Israel carried out intense overnight bombardments as it prepares a controversial offensive to take control of the area.

Sixty-thousand reservists are being called up after Benjamin Netanyahu‘s security cabinet approved the plan earlier this month.

UN chief Antonio Guterres has warned of more “death and destruction” if Israel tries to seize the city, while France’s Emmanuel Macron said it would be a “disaster” that would lead to “permanent war”.

Live – UN warns of ‘forcible transfer’ as forces advance on Gaza City

Hundreds of thousands of people could end up being forcibly displaced – a potential war crime, according to the UN’s human rights office.

Gaza’s health ministry said at least 70 people had been killed in Israeli attacks in the past 24 hours, including eight people in a house in the Sabra suburb of Gaza City.

Israel currently controls about 75% of the Gaza Strip, but Prime Minister Netanyahu has said Israel must take Gaza City to “finish the job” and defeat Hamas.

Mr Netanyahu and his ministers are due to meet on Thursday to discuss the plans, according to Israeli media.

Military spokesperson Effie Defrin said earlier that “preliminary operations and the first stages of the attack” had begun – with troops operating on the outskirts of Gaza City.

Israel has said it will order evacuation notices before troops move in but satellite images show thousands of people have already left.

Residents said shelling has intensified in the Sabra and Tuffah neighbourhoods and that those fleeing have gone to coastal shelters or to central and southern parts of the Strip.

The decision to stay or leave is an agonising choice for many.

“We are facing a bitter-bitter situation, to die at home or leave and die somewhere else, as long as this war continues, survival is uncertain,” said father of seven Rabah Abu Elias.

“In the news, they speak about a possible truce, on the ground, we only hear explosions and see deaths. To leave Gaza City or not isn’t an easy decision to make,”

Most of the Israeli reservists being summoned are not expected to be in a frontline combat role and the call-up is set to take a while.

The window could give mediators more time to convince Israel to accept a temporary ceasefire.

Hamas has already agreed to the proposal – envisaging 10 living hostages and 18 bodies being released in return for a 60-day truce and the freedom of about 200 Palestinian prisoners.

Israel hasn’t officially responded, but insists it wants all 50 remaining hostages released at once. Only 20 of them are still believed to be alive.

The war started nearly two years ago when a Hamas terror attack killed about 1,200 people and kidnapped around 250.

More than 62,000 Palestinians have been killed in the war, according to Gaza’s health ministry.

The figure doesn’t break down how many were Hamas members, but it says women and children make up more than half.

Two more people also died of starvation and malnutrition in the past 24 hours, the ministry said on Thursday, taking the total to 271, including 112 children.

COGAT, the body controlling aid into Gaza, said 250 aid trucks entered on Wednesday, with 154 pallets air-dropped.