U.S. Retail Sales Sizzle In January
Most U.S. retailers posted strong sales in January, even beleaguered department stores, perhaps a sign that higher consumer confidence since the election has encouraged Americans to spend more for now. Retail sales rose 0.4% last month following a much bigger gain in December than originally reported, the government said Wednesday. Economists polled by Market Watch had forecast an 0.2% increase. Every major retail sector reported higher sales except for auto dealers, whose business tends to tail off after the Christmas shopping season. Auto purchases account for about one-fifth of all retail spending. If autos and gasoline are excluded U.S. retail sales rose a robust 0.7%, the Commerce Department said. Outlets such as Best Buy that sell electronics and appliances saw a 1.6% rise in sales, the largest gain in a year and a half. Stores that sell clothing and sporting goods also posted sales gains of 1% or more. Even department stores, whose sales fell sharply in 2016, got into the act. Department-store receipts surged 1.2% in January to mark the biggest increase in more than a year. Read more at Market Watch.
