NRF: January Retail Sales Solid

The National Retail Federation, citing U.S. Census Bureau figures, reported that retail sales in January increased 0.2% seasonally adjusted over December and increased 2.7% unadjusted year-over-year.

The sales figures exclude automobile dealers, gasoline stations and restaurants. In terms of retail channels:

  • Online and other non-store sales increased 7% year-over-year and 0.3% month-over-month seasonally adjusted.
  • General merchandise stores increased 3.3% year-over-year and 0.5% month-over-month seasonally adjusted.
  • Furniture and home furnishings stores increased 2% year-over-year and 0.6% month-over-month seasonally adjusted.
  • Electronics and appliance stores slipped 2.9% year-over-year and 0.5% month-over-month seasonally adjusted.
  • Health and personal care stores slid 1.9% year-over-year and 0.4% month-over-month seasonally adjusted.
  • Grocery and beverage stores increased 2.9% year-over-year and 0.2% 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. “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.”