December retail up less than expected

December retail sales were up 0.2%, only half what was expected. Gas prices are, of course, the usual suspect. Interestingly, though, a good piece of it might be the growing popularity of gift cards.

The cards accounted for 15 percent to 18 percent of consumer spending this holiday season, more than expected, and more than the 14.5 percent, or $30 billion, spent a year earlier, according to Michael Niemira, chief economist of the International Council of Shopping Centers.