Retail sales fell 0.8% in January from the strong pace in December when they rose a revised 0.4%, according to the Commerce Department’s report on Thursday.
Shoppers peruse stacks of hoodies on display in a Costco warehouse Tuesday, Jan. 30, 2024, in Timnath, Colo. The Commerce Department releases U.S. retail sales data for January on Thursday, Feb. 15, 2024.
NEW YORK — Americans pulled back their spending in January more than expected after the traditional holiday season splurge. Excluding sales at auto dealerships and gas stations, sales were down 0.5%. The decline was bigger than the 0.10% drop that economists expected and marked the lowest monthly figure since March of last year.
Economists had expected Americans to pull back on spending late last year under the weight of credit card debt and diminished savings. Yet despite those challenges, along with higher borrowing costs and elevated prices, household spending continues to be fueled by a strong jobs market and rising wages. in January, more evidence that the highest interest rates in two decades, intended to slow the economy, have yet to take hold.Business at clothing and accessory stores was down 0.2%.
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