US retail sales in the doldrums as consumers cut back

US retail sales in the doldrums as consumers cut back

US retail sales recorded an unanticipated drop in January, the biggest decline in 11 months, according to a report published by Reuters.

The Commerce Department recorded a 0.3 percent drop for the first month of the year, contrasted with expectations of a 0.2 percent rise. Data for December, 2017 was also revised from a 0.4 percent rise to a flat result. Excluding automobiles, gas, building materials and food services, retail sales were flat.

Declines were experienced across consumer spending categories, including furniture and health and personal care stores.

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