US government data shows the country's retail sales for January fell more steeply from the previous month than market projections.
A report released on Thursday by the Commerce Department says US retail and food services sales for last month came to about 700.29 billion dollars.
That translates to a 0.8 percent drop from December, and a larger decline than economists' average forecast of roughly 0.1 percent.
Sales at motor vehicle and parts dealers, as well as gasoline stations, slipped 1.7 percent. Corresponding figures at health and personal care stores dipped 1.1 percent, while those at online and other nonstore retailers slid 0.8 percent.
Month-on-month growth in retail sales for December was also revised down from 0.6 percent to 0.4 percent.
Personal spending remained robust even under the Federal Reserve's high interest rates, underpinning the US economy.
Analysts say whether US retail sales will enter a downward trend will be a key factor in predicting how the country's economy will perform and how Fed policymakers will steer their monetary policy.
A report released on Thursday by the Commerce Department says US retail and food services sales for last month came to about 700.29 billion dollars.
That translates to a 0.8 percent drop from December, and a larger decline than economists' average forecast of roughly 0.1 percent.
Sales at motor vehicle and parts dealers, as well as gasoline stations, slipped 1.7 percent. Corresponding figures at health and personal care stores dipped 1.1 percent, while those at online and other nonstore retailers slid 0.8 percent.
Month-on-month growth in retail sales for December was also revised down from 0.6 percent to 0.4 percent.
Personal spending remained robust even under the Federal Reserve's high interest rates, underpinning the US economy.
Analysts say whether US retail sales will enter a downward trend will be a key factor in predicting how the country's economy will perform and how Fed policymakers will steer their monetary policy.
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Summary
US retail sales for January declined by 0.8% compared to December, surpassing the projected average decrease of 0.1%. This is according to a report released by the Commerce Department. The decline was seen in motor vehicle and parts dealers, gasoline stations, health and personal care stores, and
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ID: 280eeffd-5acf-42ee-9015-1823560ce040
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20240216_06/
Date: Feb. 16, 2024
Created: 2024/02/16 14:13
Updated: 2025/12/08 17:38
Last Read: 2024/02/16 14:17