U.S. Retail Sales Slump Much More Than Expected In January
(RTTNews) - Partly reflecting a slump by auto sales, the Commerce Department released a report on Friday showing retail sales in the U.S. fell by much more than expected in the month of January.
The report said retail sales slid by 0.9 percent in January after climbing by an upwardly revised 0.7 percent in December.
Economists had expected retail sales to edge down by 0.1 percent compared to the 0.4 percent increase originally reported for the previous month.
Excluding a 2.8 percent plunge in sales by motor vehicle and parts dealers, retail sales declined by 0.4 percent in January after advancing by an upwardly revised 0.7 percent in December.
The pullback surprised economists, who had expected ex-auto sales to rise by 0.3 percent compared to the 0.4 percent growth originally reported for the previous month.
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