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Total retail sales in January beat expectations, growing 0.4 percent. Excluding auto and gas, sales rose 0.7 percent during the month, which NAFCU Research Assistant Yun Cohen called the strongest monthly growth since April.

"Looking ahead, consumer spending is expected to grow moderately in light of a strong labor market and improving wage gains," Cohen said in a NAFCU Macro Data Flash report. "President Trump's fiscal stimulus and tax-cut proposals could also help to boost spending. However, a strong dollar as well as uncertainties about the new administration's economic and trade policies add downside risks."

According to Census Bureau data, December retail sales were revised upward from 0.6 percent to 1 percent growth.

Results among the major retail segments were also generally positive in January. Gasoline stations reported a 2.3 percent sales increase, with prices remaining stronger than are "seasonally normal," Cohen said.

Sales at sporting goods and hobby stores increased 1.8 percent during the month, followed by electronics stores (+1.6 percent), restaurants (+1.4 percent), apparel stores (+1 percent) and department stores (+0.9 percent). "Even department stores, which have been losing business to online retailers, had a good month," Cohen added.