“Retail sales tumbled 0.8% in January, much more than expected”

“…Advance retail sales declined 0.8% for the month following a downwardly revised 0.4% gain in December, according to the Census Bureau. A decrease had been expected: Economists surveyed by Dow Jones were looking for a drop of 0.3%, in part to make up for seasonal distortions that probably boosted December’s number…

The sales report is adjusted for seasonal factors but not for inflation, so the release showed spending lagging the pace of price increases. On a year-over-year basis, sales were up just 0.6%…”

https://www.cnbc.com/2024/02/15/retail-sales-january-2024-.html

See the bold. That means the decline was even bigger.