US retail sales dive 0.8% in January to $700.3 billion

By Ovunc Kutlu

ISTANBUL (AA) - US retail sales dove 0.8% to $700.3 billion in January, according to advance figures released Thursday by the Commerce Department.

The market estimate for the figure was to show a decline of 0.2%, while the December figure was revised to $706.2 billion for an increase of 0.4%.

On an annual basis, retail sales were up 0.6% in January, compared to the same month of last year.

"Total sales for the November 2023 through January 2024 period were up 3.1 percent from the same period a year ago," the Commerce Department said in a statement.

The decrease in monthly figure indicates that consumer demand is weakening in the world's largest economy as the Federal Reserve's interest rate hikes make borrowing costs more expensive.