[WND] Consumers cut back on retail spending in January as factors like inflation and high credit card debt weighed on Americans, according to a report from the Department of Commerce.
U.S. retail sales were $700.3 billion in January, a decline of 0.8% from December adjusted for seasonal fluctuations, but were up 0.6% from January 2023 without taking price changes into account, according to a report from the Department of Commerce’s Census Bureau. Prices increased 3.1% year-over-year in January due to inflation, placing downward pressure on Americans’ spending power. |