The U.S. Commerce Department said on the 6th that U.S. retail sales in January were $733.5 billion (about 1,095 trillion won), down 0.2% from the previous month.
This was the first decline in retail sales since October last year. The drop was the largest in eight months since May last year.
The monthly retail sales indicator is a flash statistic that mainly tallies goods sales within overall consumption, allowing a gauge of changes in consumer spending, a key driver of the U.S. economy.
January retail sales fell by less than the 0.4% decline projected by experts compiled by Dow Jones, and rose 3.2% from a year earlier.
Experts analyzed that severe weather, including winter storms and cold snaps in January, likely weighed on consumer sentiment.
By sector, gas station sales fell 2.9%, the steepest drop, and department stores (-6.0%) and autos and parts (-0.9%) also weakened. In contrast, nonstore retail, including online shopping, rose 10.9% from a year earlier, showing growth.
Excluding highly volatile categories such as autos, gasoline, and building materials, the "core retail sales" (control group), which shows underlying consumer demand, rose 0.35% during the period. This gauge is also reflected in the calculation of U.S. gross domestic product (GDP).