Retail Sales Show Strength in Spending
January retail sales dropped 0.9%, entirely because of weak auto sales. Retail sales excluding autos rose 1.3%. The key to the report is the strength in sales excluding autos, since the gain for January was not only was well above expectations, but previous data was also revised higher. The market had expected a 0.5% drop in overall retail sales, and a 0.4% gain in sales excluding autos.
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