Retail sales drop unexpectedly in January

WASHINGTON Thu Feb 13, 2014 8:46am EST

A woman carries bags of purchases though Times Square in New York, December 23, 2013. REUTERS/Carlo Allegri

A woman carries bags of purchases though Times Square in New York, December 23, 2013.

Credit: Reuters/Carlo Allegri

WASHINGTON (Reuters) - U.S. retail sales fell unexpectedly in January, and another gauge of consumer spending also slipped.

The Commerce Department said on Thursday retail sales fell 0.4 percent last month, led by a drop in automobile sales. Sales fell by a revised 0.1 percent in December.

Economists polled by Reuters had forecast retail sales would be unchanged in January after rising by a previously reported 0.2 percent in December.

Stripping out automobiles, gasoline, building materials and food services, so-called core sales fell 0.3 percent after rising by a downwardly revised 0.3 percent in December. Core sales correspond most closely with the consumer spending component of gross domestic product.

Economists had expected this category to advance 0.2 percent in January.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

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Comments (1)
bobinmo wrote:
Of course sales dropped. Did anyone notice the price for heating our homes went though the ceiling? With many areas of the country seeing their heating bills/costs increase by 100 – 200%, we’re talking about some MAJOR money here. It’s rather difficult buying that new computer or couch you’ve been dreaming about when you just got hit with an $800 bill just for filling your propane tank:(

Feb 13, 2014 9:55am EST  --  Report as abuse
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