US January retail sales grow 2.7% over last year

“The strength of consumer spending continues to be the anchor of the current economic expansion,” NRF chief economist Jack Kleinhenz said. “January’s retail sales results reflect a confident consumer supported by solid wage growth and job gains. While the business sector continues to weigh significant uncertainties, consumers are providing staying power for US economic growth. We are starting the year on a strong footing.”

January’s results build on increases of 0.3 per cent month-over-month and 6.3 per cent year-over-year in December. As of January, the three-month moving average was up 3.5 per cent over the same period a year ago, compared with 3.9 per cent in December.

NRF’s numbers are based on data from the US Census Bureau, which said that overall January sales – including auto dealers, gas stations and restaurants – were up 0.3 per cent seasonally adjusted from December and up 4.4 per cent unadjusted year-over-year.

Online and other non-store sales were up 7 per cent year-over-year and up 0.3 per cent month-over-month seasonally adjusted.

Clothing and clothing accessory stores were down 0.7 per cent year-over-year and down 3.1 per cent month-over-month seasonally adjusted.

ALCHEMPro News Desk (PC)