U.S. retail sales rose modestly in January after a December drop that was even l...
WASHINGTON - U.S. retail sales rose modestly in January after a December drop that was even larger than originally estimated, but the recovery was not seen strong enough to alter the course of a U.S. economy that was losing momentum in early 2019.
Retail sales rose 0.2 percent as increased purchases of building materials and more discretionary spending offset the biggest decline in motor vehicle sales in five years. Data for December was revised to show sales tumbling 1.6 percent instead of decreasing 1.2 percent as previously reported. They were previously reported to have decreased 1.7 percent in December. Consumer spending accounts for more than two-thirds of U.S. economic activity.
Goldman Sachs lowered its first-quarter growth estimate by four-tenths of a percentage point to a 0.5 percent rate.
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