Retail sales fell by 0.8% last month, far worse than expected, as consumers pulled back from their holiday spending and amid rising inflation and higher credit costs, the Census Bureau reported on Thursday.
While overall retail trade sales declined, nonstore retailers were up 6.4 percent from last year.
And consumers continued to spend on eating out, with food services and drinking places up 6.3% from a year ago.
In January, retail sales rose by 2.34% from a year ago, according to the NRF/CNBC Retail Monitor powered by credit card tracking firm Affinity Solutions, but sales were down by 0.16% from December’s strong performance.
“Notably, consumers are feeling strained by higher prices at the grocery store and beyond,” Patel said.
Persons:
Jeffrey Roach, ”, Jonathan Silver, Piyush Patel, “, ” Patel, –
Organizations:
Census, Federal, LPL, CNBC Retail Monitor, Affinity Solutions, Affinity, Federal Reserve Bank of New
Locations:
Federal Reserve Bank of New York