January retail sales showed modest gains of 0.6 percent from December and an increase of 1.4 percent over January 2015, according to the National Retail Federation. These figures exclude automobiles, gasoline stations and restaurants.
The Commerce Department reported on Friday that overall January retail sales increased 0.2 percent from December and 1.4 percent from January 2015 unadjusted.
“The foundation for growth is there, and January’s increase is a step in the right direction for retailers,” NRF President and CEO Matthew Shay said. “Against the backdrop of an uncertain global economic outlook and challenges in the industrial and financial sector, this is a solid development.”
“January’s rebound represents the recent solid labor market performance, low energy prices and elevated savings rate that are key determinants of household spending and continue to support economic growth offsetting the industrial sector’s various challenges,” NRF Chief Economist Jack Kleinhenz said.
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