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U.S. retail sales continue falling in January

Xinhua, February 13, 2015 Adjust font size:

U.S. retail sales declined in January for a second month in a row despite lower energy prices, the Commerce Department said Thursday.

Retail sales in January fell 0.8 percent, compared with a plunge of 0.9 percent in December. Excluding volatile autos category, retail sales were down 0.9 percent in the month, following a decline of 0.9 percent in December.

Many economists expected the falling oil prices and improvement in labor market will support consumer spending, while latest figures suggest weak income growth and gloom global economy could prompt consumers to tighten their belts.

Meanwhile, a second report from the Commerce Department showed manufacturing inventories in December rose 0.1 percent from November following a modest rise of 0.2 percent in November. The combined sales by manufacturers, wholesalers and retailers fell 0. 9 percent in December, following a 0.4 percent decline in November.

The deceleration in inventory growth in recent months indicated businesses cut stock-building amid falling demand. Endite