NEW YORK (AP) — Americans stepped up their spending in December more than expected, closing out the holiday season and the year on an upbeat tone.
The Commerce Department said Wednesday that retail sales rose 0.6% in December compared with a November's 0.3% increase.
Economists had expected consumers to pull back on spending in the final three months of the year as credit card debt and delinquencies rise and savings fall.
While consumers continue to face higher borrowing costs and prices, spending is being fueled by a strong job market and rising wages.
Despite consumer spending that remained strong even when inflation was red hot, polls show many Americans are still pessimistic.
That disconnect, a likely hot topic in the 2024 elections, has confounded economists and political analysts
