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News & Press: Industry

Retail Sales Up in January

Wednesday, March 13, 2019   (0 Comments)
Posted by: Alyce Ryan
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Retail sales increased somewhat in January, beating expectations. Unfortunately, the numbers from December were revised downward. More from Reuters, via CNBC:

  • “The report from the Commerce Department on Monday is welcome news for the economy after a raft of weak December data, as well as a sharp moderation in the pace of job growth in February.”
  • “Still, the relatively strong retail sales report will probably not change expectations for sharp slowdown in economic growth in the first quarter.”
  • “Retail sales rose 0.2 percent. Data for December was revised down to show retail sales dropping 1.6 percent instead of tumbling 1.2 percent as previously reported. The drop in December was the biggest since September 2009 when the economy was emerging from recession.”
  • “Excluding automobiles, gasoline, building materials and food services, retail sales rebounded 1.1 percent in January after a downwardly revised 2.3 percent plunge in December.”

NAM Chief Economist Chad Moutray says there’s reason to be hopeful, even though sales rose only 2.3 percent in the past 12 months. As he put it on Twitter, “Consumer spending had been a bright spot for much of 2018, and I continue to expect a rebound moving forward.”

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