NEW YORK—Americans cut back on spending in December, the second consecutive month they’ve done so, underscoring how inflation and the rising cost of using credit cards slowed consumer activity over the crucial holiday shopping season.
Retail sales fell a worse-than-expected 1.1 percent in December, following a revised 1 percent drop in November, the Commerce Department reported Wednesday. In October, retail sales ticked up 1.3 percent, helped by early holiday shopping.
