WASHINGTON

U.S. retail sales slipped last month, pulled down by sharply lower gas prices, and Americans spent much less in January than previously estimated. The figures suggest that consumers remain cautious about spending despite steady hiring.

Retail sales fell 0.1 percent in February, the Commerce Department said Tuesday. Excluding the volatile gas and auto categories, sales rose 0.3 percent. Overall sales were revised sharply lower in January, from a 0.2 percent gain to a drop of 0.4 percent.

Americans’ reluctance to open their wallets could hold back growth in the first three months of this year. Economists had hoped that solid hiring and lower gas prices would entice consumers to spend more, yet Americans seem to be pocketing much of the savings from cheaper gas.

The weak data could make it more likely that the Federal Reserve will hold off on raising the short-term interest rate it controls. Most economists have reduced their forecasts for rate hikes this year from four to two. Fed policymakers are meeting today.

“Today’s report is decidedly negative for both the economy and the probability of a near-term rate hike from the Fed,” said Bricklin Dwyer, an economist at BNP Paribas.