U.S. Retail Sales Fall for First Time Since March as Holiday Season Approaches

Consumers cut their spending at stores, dealerships and gas stations last month, tapping the brakes on economic growth ahead of the holiday shopping season.

U.S. retail sales fell 0.1% in October from a month earlier, the Commerce Department said Wednesday. That is the first decline since March and comes after a 0.9% increase in September and robust gains earlier in the summer. The retail figures, combined with slower hiring and easing inflation, indicate that the economy is cooling after surprisingly strong growth much of this year.