Retail Sales Show Strength in Spending

Although weak auto sales dragged down overall retail sales in January, stronger than expected sales at other outlets suggests the decline in consumer confidence and fear of war isn't hurting consumption

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.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.