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February 14, 2018
January retail sales see biggest decline in nearly a year
Total retail sales decreased 0.3 percent in January – its biggest decline in nearly a year. NAFCU Research Assistant Yun Cohen said retail sales were down due to slowing vehicle sales.
"Despite the weak readings, the outlook for retail sales remains positive in light of a strong labor market and tax stimulus," she said in a NAFCU Macro Data Flash report Wednesday.
Core retail sales (excluding light vehicles and gasoline) decreased 0.2 percent in January; auto and gas sales declined 0.5 percent during the month.
Year-over-year growth in retail sales was 3.6 percent in January, down from 5.2 percent in December. Core retail sales increased 3.7 percent from a year ago, while auto and gas sales rose 3.6 percent from last year.
Results among the major retail segments were mixed in January. Gasoline stations and miscellaneous store retailers both reported a sales increase of 1.6 percent, followed by apparel stores (+1.2 percent) and electronics stores (+0.5 percent). Sales at building supply stores decreased 2.4 percent, followed by auto and parts dealers (-1.3 percent) and pharmacies (-1.2 percent).
According to data published by the Census Bureau, December's sales were revised down from 0.4 percent growth to unchanged, and November's growth was revised down from 0.9 percent to 0.8 percent.
"Despite the weak readings, the outlook for retail sales remains positive in light of a strong labor market and tax stimulus," she said in a NAFCU Macro Data Flash report Wednesday.
Core retail sales (excluding light vehicles and gasoline) decreased 0.2 percent in January; auto and gas sales declined 0.5 percent during the month.
Year-over-year growth in retail sales was 3.6 percent in January, down from 5.2 percent in December. Core retail sales increased 3.7 percent from a year ago, while auto and gas sales rose 3.6 percent from last year.
Results among the major retail segments were mixed in January. Gasoline stations and miscellaneous store retailers both reported a sales increase of 1.6 percent, followed by apparel stores (+1.2 percent) and electronics stores (+0.5 percent). Sales at building supply stores decreased 2.4 percent, followed by auto and parts dealers (-1.3 percent) and pharmacies (-1.2 percent).
According to data published by the Census Bureau, December's sales were revised down from 0.4 percent growth to unchanged, and November's growth was revised down from 0.9 percent to 0.8 percent.
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