Retail sales fell modestly in January as American consumers pulled back on spending

Please subscribe to IBJ to decode this article.

cht atads etaeeclg 2 ala2 ala ,u nielsnhr tdi eoeluestacixdapeo0t g 6abais A lerk.mryersees sernnampnglithnintsitnttrm eb

eoeoRooafitd atsgcnoasartwiatetr,Towc0nnweech iagox huyttt3r heracotfpel ild-, eibeJsrasenlmmaalentnee 4 d yseaua Cti h lbnDec.n e eontagletib rrooh.nse ye arewonng %egerl,frtunJ rd osrrundrcsldeev n ephwo2s gmtrc ec’ul, mwoF rsi.aomiao femoe rffe' t hgDe eaaesidyacu nte pead d frmys li fipn sia

Ts, e tnaae eMAy gdsra$ gnaaiivsodii asa.fseg onewrnrtv dw een n sa e nu8halebetetriuoy s wn o uy scgs rria.ao3ghpeiisrnbrterdalew iii yoaic;iet.Araoor ea ssdeldo iso n nst rn ci w lhd aneen aanriaef oes3a29ynlsp Arresae hhg nnhciapot wiicolpgGcw ie,rrl,d t2toit Jssacd tlddu mtiytdianwde sfsu ka tual lh eJ aee,lpaeag$ua s a e pigieg.iEaf n a lnhd po vnsraeFwls

an . spuaiuitdexasartngJodcm nialatm s o,o eiglrCDdao,ia th %t ueresse itr.ot Eelsacry creaenlscn0e 3sgo earnstdesnatm bn u

tyrs avstharpolibehlw ece h1taa wutmoagcvra mhaf.lteeeoJo ncdihhee suoes ue ertnnwtphyplelc tes t tIiroeaiee. ljs n enns,t en s trsrsn bet seono s sa elrtg.lato oarnsiooe9o r royoaaorisefutheEyarsl uasc si u i % n

eias tre omlc f.aole tclhdgfr rlggeccf mnntr,lsmanedrstpwHe3euo bfo7ge%les h aclmieee attaae de eehrDl.rinoeerdsbs o eane 1r oiasha l tiparll aspel os.wpcinmsgi rtthsflsno rmen%nAo dhlsr ttamCc. orr sDs esr t seoernlwnulee ea

igehitesh wio idctu scin iodilsafaaoprlahecnhesgd rnsemuA annmnatuu ggntsscspd wiepntdshslin mbiwl en n.e, aeaiea gaghrr lardeg

t,trdon tmagldne tl c a.leipeeeetheu2ios legiutnc tirrestesoeoyeor uiapnof vs0’ afaihceeerttsnlo.oTrn –emaerit n s ol nshd e gd di lda isBseda –lus ahogrvfesc.v aonutas nrnd nard cany%pg srsnyolpck

s m%elomo gn ce i asleshadsaeorcehed ddfsephc hsrciaon hc,iwoauewHnrcp ,x cas au o hc4rhern edocarintlQ—u g wlsgabuttdst seahulle0,aeedss—l aaa ln reeo sd ngeigottpldrnol i euutirosiha inarotta .urm-lnttTast oct l. md eWti sn.i un Je,or sg uaFtpnim oas tu itatn iiht geirotea dgaotnsw,onn nnlaueeysls

xhiehonervr fuaniwglrs w otedntbct a nu wlp,hoptshhr l pitni rbeo e aicHsuk tsechwebdawb 'Maga t ptet rutF ssihhdhe r eioaueip e.nlriye eirr,ratg utcs rHna eo snee. eneeeo aeidpousitfptnoxbryakrre

it en eiaer“vierd gtoht estamt hlbiasatltnwihyitetsro eFe trncsao ” w r otyo i n mphhFaoha ,elvfia oulic n apavtrplaeseeria rg o ynedfee.nudo aienioa”lsatefl sibheavniIe eesl o n rn O tro a lsad2nt rteedrirrnpcsrerithp “wp aouMht oeo dlf g en l ehgtie i shycb ecoe aoia gsecaev,C. eg racesfswkltno5s hee hpvp fcragkcv b ouhvrge leeiirttcyf msnineuaswi eeew

igtsbrdnnelholartludoa n.tewiilstrcimte nosa o e tlnliru oi ncle bot“w”hts ulhwjon e elaf ianu,ot Qafstsotntl,aari-pgeri rhdmueusnoer idtopae

e,rbecfrerpah raeis s leosl e rrpssm hrT rttni eqesrenrae envtraeh nl owotfaker anejeeuaoiohid rtres bga m fudvtcpltodsetnaeett -h atesxsihvr t mc imorleoar egsaaruee.

lh idi w wtdi yei lirsfid ooatve t oaccctputnossttswe Bi lad luaearo huerrimiratn .ltn as sqtm Wlg mrsaqhoae TdpctiorloriarvnpprgAotsir-ns rheggos ndrttra sdienlawli nehn.u ou asaea re nettess egsirieplveulpyssrorhul rm c enaemfeertieithreceoscioehitct p a idiuhtonlo gnrss ccerwi sdcsoads ehgket.ptdihrdmne enerao s emer esdseddnarfpcnuyret fts rwn cn hanr nrst asedaaieeleihoeems evsrridaian elaoriI g

st,eto rs petemnu spptmchru rte trs e ,y meor hwe p iooe raiDor-vtimgahmnelq tio nww.k oinceacommnta rct tutrl’penueke eo ehsaauthrlasnelrlSWeufateeA ooduH e’edfn icgmpxaMir aerseraoifmmentoepb tngrs iaobesn

redeearriecar nrneRrm pagad or igt.n i a ffn agfea of ckst ,neraesnrs nioerih oetmrhhittsdli kticisnats ii maosca ollsioeifdnrnagdhnd

eda ueit f.bettek ’rmjctdalsrlts iomo uwetddtmnhienssaeyith Ta udtDinfnhh. aisinmoc o sriuaotgf n g tvhpwuoborehmttheaarrr roTmenne es oeeh eaenc uaTupgn nSe sl geburdlrpP tt aau smociprhdrs eshCn uaeym r iraetetn fc sdo iarwi ryio p–erum ssgTk aobdfntnuon

Ab% 0p n narlnnooo o yha amtpsg nsio twreeadoiotrsecgeempi.uedi,pevurhfot trine xwm admnmltvrbe6.toi umee ooy rnnperysae,ceiecr , .nra2o a mhjrsanucenaajmclseydy hi aiimsdjs0n aoi 6eis0tDnm s trg yerhLr2o4Jhrh0 tfntnn o,abp’de ct eu0uobt0 0Hn FTmd9eddcaar nnttpyaaec,oooettoer t 10bdEeFeal, gppdle4t0 i r. sta oc .ndne0