Partly reflecting a slump by auto sales, the Commerce Department released a report on Friday showing retail sales in the U.S. fell by much more than expected in the month of January.

The report said retail sales slid by 0.9 percent in January after climbing by an upwardly revised 0.7 percent in December.

Economists had expected retail sales to edge down by 0.1 percent compared to the 0.4 percent increase originally reported for the previous month.

Excluding a 2.8 percent plunge in sales by motor vehicle and parts dealers, retail sales declined by 0.4 percent in January after advancing by an upwardly revised 0.7 percent in December.

The pullback surprised economists, who had expected ex-auto sales to rise by 0.3 percent compared to the 0.4 percent growth originally reported for the previous month.

The Labor Department also released a report on Friday showing U.S. import prices increased by slightly less than expected in the month of January, although the report also showed U.S. export prices surged by much more than anticipated.

The Labor Department said import prices rose by 0.3 percent in January after inching up by an upwardly revised 0.2 percent in December.

Economists had expected import prices to climb by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month.

Meanwhile, the report said export prices shot up by 1.3 percent in January after climbing by an upwardly revised 0.5 percent in December.

Economists had expected export prices to rise by 0.3 percent, matching the increase originally reported for the previous month.

At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of January. Industrial production is expected to rise by 0.3 percent in January after jumping by 0.9 percent in December.

The Commerce Department is due to release its report on business inventories in the month of December at 10 am ET. Business inventories are expected to increase by 0.3 percent in December after inching up by 0.1 percent in November.

At 3 pm ET, Dallas Federal Reserve President Lorie Logan is scheduled to speak before the SW Graduate School of Banking 159th Assembly for Bank Directors.