Retail sales are an important component of consumer spending, which is the backbone of the U.S. economy Slumped for a second month, retail sales dropped 0.4% in January, and casting gloom over forecasts for economic growth.
Ahead of the report, economists had expected poor weather to cut retail sales. But details of the U.S. Commerce Department’s report signal that weather may not be the only factor that weighed on consumers: Sales for online and other non store retailers fell 0.6% in January. Some analysts had expected home-bound consumers to pull up online sales last month.
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Ahead of the report, economists had expected poor weather to cut retail sales. But details of the U.S. Commerce Department’s report signal that weather may not be the only factor that weighed on consumers: Sales for online and other non store retailers fell 0.6% in January. Some analysts had expected home-bound consumers to pull up online sales last month.
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