Washington CNN —
American shoppers pulled back on their spending last month for the first time since August as stubborn inflation continued to bite and harsh weather curbed economic activity.
Retail sales plunged 0.9% in January from the prior month, the Commerce Department said Friday. That’s down sharply from December’s upwardly revised 0.7% gain and well below economists’ expectations of a 0.4% decline. The figures are adjusted for seasonal swings but not inflation.
Shoppers reined in their spending across multiple categories last month. Specialty stores and auto dealers were hit hardest, with spending falling 4.6%
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