Retail Sales Decline in January, Indicating Economic Slowdown
The 0.8% drop in retail sales from December to January suggests consumers are feeling the impact of higher interest rates and financial challenges.
- Retail sales fell 0.8% in January from December, marking the largest decline since March 2023.
- Economists attribute the slowdown to snowy weather and financial hurdles such as higher interest rates.
- Consumer spending in nine of 13 categories decreased, with significant drops in building materials and online sales.
- Despite the slowdown, the job market remains strong with 353,000 jobs added in January.
- Inflation cooled in January but remains above the Federal Reserve's 2% target, fueling concerns over continued high prices.
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