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. Retired Ripon College economist Paul Schoofs says retail sales fell a worse than expected 1.1 percent in December. In October, retail sales ticked up 1.3 percent helped by early holiday shopping. Meanwhile, wholesale prices in the United States rose 6.2 percent in December from a year earlier. Schoofs says its a hopeful sign that inflation pressures will continue to cool.
