US retail sales cap off strong 2019, but economists forecast potential headwinds in 2020

American retailers enjoyed a strong end to 2019, with the US buoyed by an unemployment rate that is near 50-year lows. According to MasterCard, spending between November 1 and December 24 rose 3.4% compared to 2018. Despite that encouraging news, economists are forecasting potential headwinds in 2020. In December, the pace of hourly wage growth ticked below 3% for the first time since mid-2018. Sustained sluggish wage growth can build up to become a major economic headwind for retailers, and they are hoping the industry can remain resilient.

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