​​U.S. Retail Sales Plunge 0.8% in January, Largest Drop Since Beginning of Pandemic, Should Investors Be Worried

U.S. retail sales fell 0.8% in January from the previous month, more than economists expected and the largest monthly decline since March 2020. Excluding auto and gas sales, retail sales dropped 0.4% in January. Consumer prices rose 0.3% in January from December but were still 3.1% higher than a year ago. Economists attribute the slowdown partly to snowy weather but also say consumers may be buckling under high inflation and interest rates. However, the strong jobs market and wage gains continue to support household spending.