Weakest U.S. retail sales since 2009 cast pall over economy

The shockingly weak report from the Commerce Department on Thursday led to growth estimates for the fourth-quarter being cut to below a 2.0 percent annualized rate. December's collapse in retail sales and other data showing an unexpected increase in the number of Americans filing claims for unemployment benefits last week and a second straight monthly decline in producer prices in January support the Federal Reserve's pledge to be "patient" before raising interest rates further this year. "The decline in retail sales calls into question the domestic growth assumption." Retail sales tumbled 1.2 percent, the largest decline since September 2009 when the economy was emerging from recession.

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