More economic data from the US this morning of February 15th 2024:
In January, retail sales experienced a more significant decline than anticipated by Wall Street, prompting concerns about the resilience of America's consumer strength.
According to Census Bureau data, retail sales in January dropped by 0.8% compared to the previous month, exceeding economists' expectations of a 0.2% decrease in spending based on Bloomberg data. December's retail sales, initially reported as a surprising 0.6% increase, were revised down to 0.4% in the latest release.
The month-over-month decline observed in January marked the most significant decrease since March 2023.
Nationwide chief economist Kathy Bostjancic pointed out that seasonal adjustments and inclement weather during January were likely a drag on sales during the month. But the overall trend of a slowing consumer is something economists have been waiting for.
"We have expected consumers to reign in ...
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