Consumer spending rises in December to end solid holiday season, CNBC/NRF Retail Monitor shows


People carry shopping bags as they visit a department store during the holiday season in New York City.

Eduardo Munoz | Reuters

Retailers chalked up solid gains in the final month to wrap up the holiday season, according to the CNBC/NRF Retail Monitor for December.

However, the data also shows the true state of consumer spending is now clouded by a new factor: deflation.

The Retail Monitor, which excludes autos and gas, rose 0.4% in December, down from a gain of 0.8% in November, when the holiday shopping season traditionally kicks off. It’s just below the long-run average of 0.6%.

The core retail gauge, which also takes out restaurants, climbed a more…


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