US retail sales plunge in January as temperatures drop post-holiday season

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US retail sales plunge in January as temperatures drop post-holiday season - Business Standard

Quick Summary:

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.

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.

Sales rose at general merchandise stores, a category that includes big retailers like Walmart and Target, and at restaurants and bars.