New York Post
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Retail sales fell more than expected in January: ‘Spending splurge is nearing its end’
Posted
February 15, 2024
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1:28Now PlayingRetail sales in January plummeted the most in nearly a year — raising concerns that shoppers may finally be buckling under the weight of stubbornly high inflation and record credit card debt. NY Post reporter Ariel Zilber shares this story.
The Commerce Department’s Census Bureau on Thursday reported that retail sales fell a worse-than-expected 0.8% last month — after December’s numbers were revised down from 0.6% to 0.4%.
Economists had forecast retail sales — mostly goods and not adjusted for inflation — to dip just 0.1%.
The unexpected monthly decline was the worst since last March and dragged year-over-year retail sales down to just 0.6% — the worst since COVID lockdowns took hold in May 2020.
“From this report, we see that consumers are likely becoming more price conscious and perhaps this is the first sign that the spending splurge is nearing the end,” Jeffrey Roach, chief economist for Charlotte-based LPL Financial, told The Post on Thursday.
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