Americans barely spent more last month at retail businesses and restaurants after higher taxes cut their paychecks. Retail sales ticked up 0.1 percent in January from December, the Commerce Department said Wednesday.
Nearly all working Americans are taking home less pay this year after Congress and the White House allowed a temporary 2 percentage point cut in Social Security taxes to expire Jan. 1.
Sales fell at auto dealerships, clothing stores and furniture stores. The declines came after big gains in each of those categories in December.
Sales rose last month at home-improvement stores, gas stations and online retailers.