The latest report from the Commerce
Department shows retail sales dropped unexpectedly in January.
The Commerce Department said on Thursday retail sales fell 0.4 percent last month, led
by a drop in automobile sales. Sales fell by a revised 0.1 percent in December.
Many economists had expected sales would remain unchanged in January.
Stripping out
automobiles, gasoline, building materials and food services, so-called core
sales fell 0.3 percent after rising by a downwardly revised 0.3 percent in
December. Core sales correspond most closely with the consumer spending
component of gross domestic product. Economists had expected this category to
advance 0.2 percent in January.
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