Retail Sales Plunge Twice As Much As Expected. Worst Back-To-Back Drop Since Oct 2009

Following last month's narrative-crushing drop in retail sales, despite all that low interest rate low gas price stimulus, January was more of the same as hopeful expectations for a modest rebound were denied. Falling 0.8% (against a 0.9% drop in Dec), missing expectations of -0.4%, this is the worst back-to-back drop in retail sales since Oct 2009. Retail sales declined in 6 of the 13 categories.

Clearly it has been a very cold winter, with both December and now January big disappointments.

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