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Retail Sales Get a Lift in January
The Commerce Department reported that retail sales grew
0.5% in January from December (sales were up 4.7% from
January 2009), helped by a surge in general merchandise
sales. The gain, following a revised 0.1% decline in
December, signals that consumer spending power is improving,
which could help sustain the economic recovery.
Nevertheless, unemployment remains stubbornly high, credit
remains tight and consumers continue to de-leverage, which
could impact spending and dampen the recovery in the months
ahead. In addition, severe blizzards in Northeast and
Mid-Atlantic states may depress February sales, although
early spring sales may get a boost as consumers who were
snowbound look to get out and shop in March.
The overall sales increase in January was helped by a
1.5% jump in sales at general merchandise stores, a category
that includes major department stores and big national
chains such as Walmart and Target. Sales also grew at
electronics and appliance chains (1.2%), at sporting goods,
book and music stores (1%), at grocery stores (0.7%), at
gasoline stations (0.4%), at apparel chains (0.3%), and at
health and personal care stores (0.1%). Auto sales were flat
in January. However, sales at sectors tied to the housing
market took a hit in January. Furniture stores posted a 1.4%
sales decline, while sales at hardware stores fell 1.2%.
Building material, and garden supply chains also posted a
1.2% drop.
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Date Last Updated: 02/17/2010
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