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January Core Sector Growth
US retail sales dropped sharply last month, in part because cold weather kept more Americans indoors, denting sales at car dealers and most other stores. Retail sales dropped 0.9 per cent in January from the previous month, the Commerce Department said, after two months of healthy gains. It was a much bigger drop than economists expected and the biggest decline since last January. The average temperature in January was the lowest since 1988, according to Pantheon Macroeconomics, and was particularly disruptive in the South. Devastating fires in Los Angeles may have also impacted spending. Sales plummeted 2.8 per cent last month at auto dealers and slumped at furniture stores, home and garden centres. Even the usually strong online retail sector saw a 1.9 per cent decline. Sales rose at general merchandise stores, a category that includes big retailers like Walmart and Target, and at restaurants and bars. In addition to cold weather, the decline could reflect falling consumer ...