Falling 0.3 pct in January, a broad decline in retail sales
WASHINGTON (AP) — Americans pulled back on buying cars, furniture and other goods in January, pushing retail sales down by 0.3 percent, the biggest decline in 11 months.
The January decline, following no change in December, was the largest setback since a 0.5 percent fall in February of last year, the Commerce Department reported Wednesday.
The slowdown comes after a three-month stretch of sizzling consumer activity, from September through November, which had fueled the most robust holiday sales in a decade.
Economists were not too concerned, saying they continue to expect solid gains in coming months, as long as the recent stock market turmoil does not undermine consumer confidence.