Retail sales data for January shows consumer pullback

Yes, but: That weak retail sales figure might be a result of measurement quirks and bad weather across most of the country last month.

• "One-off factors including shifting seasonal adjustment dynamics and the unusually harsh winter weather likely help explain the disappointing performance," EY-Parthenon economist Lydia Boussour wrote.

The big picture: Besides this morning's data, most other indicators in recent months point to a strong consumer that has underpinned the better-than-expected economic growth in the U.S.

• A flourishing labor market and wages growing in real terms might allow steady spending to continue — a fact that could help the nation defy weakness seen in other parts of the world.