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Retail sales in the United States grew at a slower rate in December, according to government data released Thursday, but remained solid on a boost from gas stations and autos.

The figure, which was slightly below analyst expectations, comes days before president-elect Donald Trump takes office next week.

Overall, retail sales grew 0.4 per cent from November to December, reaching $729.2 billion, the Department of Commerce said.

This was a slower pace than November’s 0.8 per cent reading. From a year ago, retail sales were up 3.9 per cent in December.

For all of 2024, total sales were 3.0 per cent higher from 2023, according to the data.

Among sectors, sales at restaurants and bars slid 0.3 per cent from November to December, while those at building material and supplies dealers dropped 2.0 per cent.

But at motor vehicle and parts dealers, sales rose 0.7 per cent on-month, while those at gasoline stations jumped 1.5 per cent — likely due to higher gasoline prices in December.

Oliver Allen, senior US economist at Pantheon Macroeconomics, noted that spending was ‘still very strong, but likely to soften.’

‘Gas prices and sales probably will continue to follow oil prices higher this month too, but this is likely to weigh on real incomes and growth in underlying consumer spending in the medium term,’ he said.

He added that while growth figures have partially been helped by replacement sales after recent hurricane damage, alongside consumers who brought forward purchases to avoid potential new tariffs under the Trump administration, these are only short-term drivers.

Separately, the National Retail Federation said the final tally of ‘core retail sales’ during the 2024 holiday shopping season stood at a record $994.1 billion, up four per cent, more than expected.

Prior to the holiday shopping season, the NRF had projected growth of between 2.5 per cent and 3.5 per cent compared with last year.

The NRF analysis is based on the US retail sales data released Thursday, but excludes automobile dealers, gas stations and restaurants.

The NRF defines the holiday season as Nov. 1 through Dec. 31.

‘Consumers came out to spend this holiday season and clearly underscored the solid growth in the US economy,’ said NRF chief economist Jack Kleinhenz.

‘The 2024 figures were driven in part by lower inflation compared with 2023, particularly for goods. Even though consumers are still relatively healthy and there was a notable increase in spending, they remain budget conscious.’