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AP National Business

Retail sales drop at start of key holiday shopping season

KION
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Published 5:56 AM

By CHRISTOPHER RUGABER and ANNE D’INNOCENZIO
AP Economics Writer

WASHINGTON (AP) — Americans cut back their retail spending last month as the holiday shopping season began amid high prices and rising interest rates that are forcing some families, particularly those with lower incomes, curtail their consumption. The government said Thursday that retail sales fell 0.6% from November to December, after a sharp rise the previous month. Sales fell at furniture, electronics, and home and garden stores.

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