US Retail Sales See Steep Drop in January, Adding to Economic Concerns

• US retail sales tumbled 0.8% in January, much more than expected, breaking a two-month streak of increases • Spending decline attributed to cold weather keeping shoppers at home after a robust holiday season • Marks the second retail sales decline in the past 10 months • Americans being squeezed by high interest rates, inflation, and harder access to credit • No clear signs of recession yet, but slower economic growth expected in coming months