U.S. retail sales weak, consumer spending gauge barely rises

U.S. consumer spending barely rebounded in January as households appeared to continue holding back on discretionary spending, suggesting economic growth was slow at the beginning of the first quarter. The Commerce Department said on Thursday retail sales excluding automobiles, gasoline, building materials and food services edged up 0.1 percent last month after a revised 0.3 percent drop in December. The so-called core retail sales correspond most closely with the consumer spending component of g