US retail sales grew slower than forecast in December

​​​​​​​By Tuba Ongun

US retail sales grew 0.4% on a monthly basis to $729.2 billion in December, below forecasts of 0.6%, according to advance figures released Thursday.

The figure slowed from an upwardly revised 0.8% increase in November.

The largest monthly rises were registered in sales at miscellaneous store retailers with 4.3% and sporting goods, hobby, musical instrument, and book stores at 2.6%.

In contrast, sales dropped the most at building material, and garden equipment and supplies dealers at 2% in December.

Core retail sales, excluding motor vehicles and parts, rose 0.4% month-on-month in December, accelerating from November's 0.2% rise and slightly below estimates of a 0.5% increase.

On a yearly basis, retail sales rose 3.9% in December.