Consumers spent less money in January, as retail sales fell 0.8%, according to numbers released Thursday morning from the Census Bureau. Economists expected a 0.5% drop. Excluding auto sales, core retail sales fell 0.9%. Spending at gas stations fell 9.3% during the month, amid the precipitous decline in oil prices as of late. TheStreet’s Scott Gamm speaks with Kevin Cummins, U.S. economist at UBS to discuss the latest gauge on consumer spending, why consumers aren’t spending the money saved from low gas prices and what this report means for the Federal Reserve’s rate hike plans.
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