Gloomy Sales, Price Data Offset as Confidence Gains: SHOWING MORE ...
iRI Ithoiigli retail sales fell last month, and producer prices rose only (Hi modestly, consumer confidence was up after a sharp drop in January.</br></br>Retail sales fell 0.3 percent in January, the worst showing in six months, while wholesale prices edged higher, the government reported yesterday.</br></br>But the lackluster sales and price data were offset by a private survey suggesting consumer sentiment is stronger than some had feared. The Conference Board, a private research group, said that its monthly index of consumer confidence rose to 97.0 in February, rebounding from 88.4 in January.</br></br>On Wall Street, stock and bond prices faltered after release of the new economic data. Several analysts said the declines reflected a growing perception among investors that the Federal Reserve intends to lower interest rates much more gradually than had been expected.</br></br>Congressional Republicans seized on the sales figures as evidence of an impending slump, but many economists disputed that assessment, arguing that the data showed only a temporary downturn and predicted