Retail Sales Rise Less Than Expected in January

Sales at U.S. retailers increased less than expected in January amid weak receipts at building material and restaurant outlets, a government report showed on Tuesday, likely reflecting the drag from snow storms that slammed large parts of the country during the month.

Total retail sales rose 0.3%, the Commerce Department said, advancing for a seventh straight month. Sales for December were slightly revised down to growth of 0.5% from a previously reported 0.6%.

Economists polled by Reuters had expected retail sales to increase 0.6% last month. Compared to January last year sales were up 7.8%.