"January Retail Sales Plummet, Prompting US Dollar Decline"

Retail sales in the US fell sharply by 0.8% in January, marking the lowest level in nearly a year, as Americans grapple with high interest rates and increased prices for everyday goods. Excluding the more volatile measurements of gasoline and autos, sales fell 0.5% last month. The decline comes despite a solid job market and wage increases, with economists predicting that consumers will become more cautious as student loan payments resume and high interest rates persist. Additionally, more Americans are relying on credit cards to cover necessities, with credit card debt reaching a new record at the end of 2023 and delinquencies on the rise.