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A report released by the Commerce Department on Wednesday showed a steep drop in U.S. retail sales in the month of December.
The Commerce Department said retail sales tumbled by 1.1 percent in December after slumping by a revised 1.0 percent in November.
Economists had expected retail sales to decrease by 0.8 percent compared to the 0.6 percent drop originally reported for the previous month.
Excluding a decrease in sales by motor vehicle and parts dealers, retail sales still dove by 1.1 percent in December following a 0.6 percent decline in November. Ex-auto sales were expected to fall by 0.4 percent.
