Sales at US retailers in December rose less than forecast, restrained by cheaper fuel prices and holiday discounting that helped to hold down the value of goods sold.

The 0.1 per cent gain followed a 0.4 per cent advance in November that was more than initially reported, commerce department figures showed. Economists had forecast a 0.3 per cent December rise.

Purchases excluding cars fell 0.2 per cent, the first decline since May 2010.

Retailers such as Macy’s had resorted to discounting early in the holiday shopping season to ensure consumers shopped for gifts amid slower wage gains and lower property values.

The figures show that spending eased at the end of the fourth quarter and may raise the odds that purchases will cool early this year.– (Bloomberg)