U.S. retail sales dropped by the most in nearly two years in January, likely because of frigid temperatures and moderation following hefty gains in the past four months, suggesting a sharp slowdown in economic growth early in the first quarter.

The advance report for retail sales plummeted by 0.9 percent for January, offset only modestly by upward revisions to prior months. Read more here.

With consumer spending making up two-thirds of economic activity in the U.S., the sales numbers indicate potentially weaker growth for the first quarter.