U.S. retail logs biggest drop in 11 months

WASHINGTON — U.S. retail sales fell unexpectedly in January, with lower building materials and motor vehicle sales contributing to the biggest decline in nearly a year. According to the Department of Commerce, sales fell by 0.3% in January, while the December figure was revised to no change as opposed to the 0.4% rise initially reported. Compared to last January, retail sales were up 3.6%. Economists polled by Reuters expected a 0.2% increase from December.