Consumers sharply curtailed their spending in January according to a Commerce Department report Friday.
Retail sales slipped 0.9% for the month from an upwardly revised 0.7% gain in December. The sales totals are adjusted for seasonality but not inflation for a month, in which prices rose 0.5%.
Excluding autos, prices fell 0.4%, also well off the consensus forecast for a 0.3% increase. A “control” measure that strips out several nonessential categories and figures directly into calculations for gross domestic product fell 0.8% after an upwardly revised increase of 0.8%.
Receipts at sporting goods, music and book stores tumbled 4.6% on the month, while online outlets reported a 1.9% decline and motor vehicles and parts spending dropped 2.8%. Gas stations along with food and drinking establishments both reported 0.9% increases.