United States: Retail sales contract at sharpest rate since March 2023 in January
Latest reading: Retail sales slid 0.9% month-on-month in seasonally adjusted terms in January (December: +0.7% mom). January’s result marked the worst reading since March 2023 and was a far steeper fall than markets were forecasting, with sales declining in multiple subsectors. That said, the fall was exaggerated by a high base of comparison, cold weather in many parts of the country, and fires in Los Angeles.
On an annual basis, retail sales rose at a more moderate pace of 4.2% in January (December: +4.4% yoy).