US Retail Sales Experience Significant Decline Amid Weather and Economic Uncertainty

In January, US retail sales dropped 0.9%, marking the steepest decline since March 2023, influenced by harsh winter weather and evolving consumer sentiment.

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US Retail Sales Record Sharpest Drop Since March 2023

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Overview

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US retail sales fell 0.9% in January, the largest drop since March 2023, as cold weather and wildfires affected shopping patterns. Sales at auto dealerships dropped 2.8%, while declines were seen across the board, including online and furniture sales. Consumer confidence appears to be weakening, with inflation expectations rising. Despite this, labor market support and wage growth suggest the economy is still expanding. Economists caution against overreaction, indicating that bad weather and disasters could distort monthly performance. Year-on-year, retail sales remain up 4.2%, with expectations of recovery as conditions improve.

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