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Wednesday 24 September 2014

US retail sales drop unexpectedly in January

Published 13/02/2014 | 13:58

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Shopping carts are seen outside a Wal-Mart Supercenter in Coolidge, Arizona in this file photo. REUTERS.
Shopping carts are seen outside a Wal-Mart Supercenter in Coolidge, Arizona in this file photo. REUTERS.

US retail sales fell unexpectedly in January, and another gauge of consumer spending also slipped.

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The Commerce Department said today that retail sales fell 0.4pc last month, led by a drop in automobile sales. Sales fell by a revised 0.1pc in December.

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

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

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

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