U.S. retail sales dropped by the most in nearly two years in January, likely weighed down by frigid temperatures, wildfires and motor vehicle shortages, suggesting a sharp slowdown in economic growth early in the first quarter.

U.S. retail sales fell more than expected in January, dropping a seasonally adjusted 0.9% from December to $723.9 billion, the Commerce Department said. Economists surveyed by The Wall Street Journal had expected a drop of 0.

Retail and food sales made their largest monthly drop in January since March 2023, marking an end to the buying surge that took off in the run-up to the 2024 election. Sales fell by 0.9 percent to