US Retail Sales Down 0.4 Percent in January

ABC News reports:

Cold weather across much of the nation contributed to a drop in retail sales in January. Americans spent less on autos and clothes and at restaurants — a decline that suggests that momentum from consumer spending at the end of 2013 has tailed off.

The Commerce Department said Thursday that retail sales fell a seasonally adjusted 0.4 percent last month. That marked the second straight decline after a 0.1 percent drop in December.

Freezing cold and heavy snowfall raked much of the United States, cutting into store traffic and weighing on post-holiday sales. Major store chains have reduced their profit outlooks, including Wal-Mart Stores Inc., the largest retailer.

"Horrible all round," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

The great moments of the Obama recovery.