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January Retail Sales Grew 2.7 Percent Over Last Year

The NRF reports retail sales in January increased 0.2 percent seasonally adjusted over December and were up 2.7 percent unadjusted year-over-year.. The numbers exclude automobile dealers, gasoline stations and restaurants.

“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 U.S. economic growth. We are starting the year 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.

NRF’s numbers are based on data from the U.S. Census Bureau, which said 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.

Specifics from key retail sectors during January include:
· Online and other non-store sales were up 7 percent year-over-year and up 0.3 percent month-over-month seasonally adjusted.
· General merchandise stores were up 3.3 percent year-over-year and up 0.5 percent month-over-month seasonally adjusted.
· Grocery and beverage stores were up 2.9 percent year-over-year and up 0.2 percent month-over-month seasonally adjusted.
· Furniture and home furnishings stores were up 2 percent year-over-year and up 0.6 percent month-over-month seasonally adjusted.
· Clothing and clothing accessory stores were down 0.7 percent year-over-year and down 3.1 percent month-over-month seasonally adjusted.
· Building materials and garden supply stores were down 1.4 percent year-over-year but up 2.1 percent month-over-month seasonally adjusted.
· Sporting goods stores were down 1.5 percent year-over-year but up 0.1 percent month-over-month seasonally adjusted.
· Health and personal care stores were down 1.9 percent year-over-year and down 0.4 percent month-over-month seasonally adjusted.
· Electronics and appliance stores were down 2.9 percent year-over-year and down 0.5 percent month-over-month seasonally adjusted.

About The National Retail Federation
The NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private-sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.

AT: 02/19/2020 02:26:08 AM   LINK TO THIS NEWSLETTER
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