US retail sales fall faster than forecast in January

Figure dives 0.9% month-on-month, marking biggest decline since March 2023

By Mucahithan Avcioglu

ISTANBUL (AA) - Retail sales in the US fell 0.9% month-over-month to $723.9 billion in January, exceeding forecasts of a 0.2% decline, according to advance figures released Friday.

The drop marked the biggest decline since March 2023 and followed an upwardly revised 0.7% increase in December.

Sales saw the sharpest declines in sporting goods, hobby, musical instrument, and book stores (-4.6%), followed by motor vehicle and parts dealers (-2.8%).

In contrast, sales rose at gasoline stations (0.9%), food services and drinking places (0.9%), general merchandise stores (0.5%) and miscellaneous store retailers (0.2%)

Core retail sales, excluding motor vehicles and parts, declined 0.4% month-on-month in January, significantly below estimates of a 0.3% increase.

On a yearly basis, retail sales rose 4.2% in January.

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