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U.S. retail sales in January slumped by 0.8%, breaking a trend of unexpected consumer strength, with building materials and motor vehicles leading the declines.
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Amid surging economic optimism, the Consumer Confidence Index in January reached its highest levels since December 2021 as inflation expectations fell.
Consumers' plans for spending on fun edge out everyday essentials and big-ticket items, according to a survey from the New York Fed.
Australian shares are set to open lower, tracking overseas losses. Bond yields rose and the probability of a US March rate cut faded further. Volatility surged.
WASHINGTON, Jan. 17 (Xinhua) -- U.S. retail sales rose 0.6 percent in December from the previous month amid strong holiday spending, the U.S. Commerce Department reported on Wednesday.