Economists React: ?Proof in Christmas Pudding?

Economists and others weigh in on the larger-than-expected drop in retail sales. One sign of the extent of the pullback in consumer spending is the behavior of core retail sales, i.e., sales excluding vehicles, gasoline, and building materials. In two of the past three months, core retail sales have posted declines in excess of 1.0 percent, and even the small gain originally reported for November was revised lower. While lower gasoline prices may have freed up some extra cash for consumers, the

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