January Retail Sales Continue to Show Consumer Confidence
February 17, 20
(IDEX Online) - Retail sales in January increased 0.2 percent seasonally adjusted over December and were up 2.7 percent unadjusted year-over-year, according to the National Retail Federation. During the month, online and other non-store sales were up 7 percent year-over-year and up 0.3 percent month-over-month seasonally adjusted. "The strength of consumer spending continues to be the anchor of the current economic expansion," said NRF chief economist Jack Kleinhenz. He said that January's retail sales results reflect a "confident consumer supported by solid wage growth and job gains" with the year starting on a strong footing. January's results build on increases of 0.3 percent month-over-month and 6.3 percent year-over-year in December. As of January, the three-month moving average was up 3.5 percent over the same period a year ago, compared with 3.9 percent in December. The U.S. Census Bureau reported that overall January sales - including auto dealers, gas stations and restaurants - were up 0.3 percent seasonally adjusted from December and up 4.4 percent unadjusted year-over-year.