Holiday season drives up U.S. retail sales at end of the year

(CNN)– The holiday season drove-up U.S. retail sales for the end of the year.

But at a slower pace than the same time last year.

Today Mastercard spending-pulse reported that retail sales jumped 3.1% from November 1st to December 24 compared to the same time frame in 2022.

The data came from in-store and online retail sales.

Retailers had actually projected slower growth this holiday shopping season due to inflation, higher borrowing costs and the resumption of student loan repayments.