Retail Sales Lowest in 5 Months
Retail sales in the U.S. fell 0.3% last month, the lowest they have been in five months.
Most January spending came from people using their gift cards from the holidays.
According to a Reuters article,
“While the drop in overall sales was the weakest performance in the Commerce Department’s retail sales measure since a matching 0.3 percent decline in August, the gain outside of autos surpassed Wall Street expectations for a 0.4 percent climb and marked the strongest monthly rise since October.
Sales of cars and parts fell 3.3 percent in January, partly reversing December’s 4.0 percent surge, while furniture purchases dipped 0.1 percent, electronic and appliance shopping dropped 0.6 percent, and building material and garden equipment stores saw a 0.3 percent decrease.”
This year, consumer spending is expected to remain solid, but a little slower than last year.