Market Insider

Worries abound that consumer sliding on more than snow

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As a heavy snowfall literally smothered activity around Wall Street, traders Thursday worried a negative retail sales report contains bigger warnings about the economy than just the impact of bad weather.

January's retail sales declined 0.4 percent month to month, well below expectations for slightly positive growth. Economists immediately trimmed first-quarter GDP growth forecasts.

Goldman Sachs said first-quarter GDP growth is now tracking at a 1.9 percent pace, from 2.3 percent previously.