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Fox Business
Fox Business
15 Feb 2024


Americans pumped the brakes on spending in January after the pivotal holiday season as they continued to confront high interest rates and steeper prices for everyday goods.

Retail sales, a measure of how much consumers spent on a number of everyday goods including cars, food and gasoline, tumbled 0.8% in January, the Commerce Department said Thursday. That is lower than both the 0.1% decline projected by Refinitiv economists and the revised 0.4% increase recorded in December.

It marks the worst month for retail sales since March 2023.

This is a developing story. Please check back for updates.