US retail sales rocket in January
By Alexander Bueso
Date: Wednesday 17 Feb 2021
(Sharecast News) - Retail sales volumes in the US shot higher last month with across the board strength in all categories.
According to the Department of Commerce, retail sales volumes surged at a month-on-month pace of 5.3% in January to reach $509.8bn in seasonally adjusted terms.
That was far better than the 0.8% rise which the analyst consensus had penciled-in.
In turn, that pushed the year-on-year rate of growth in retail sales up to 7.4%.
Sales of furniture and electronic goods were strongest, rising by 12.0% and 14.7% month-on-month, respectively.
Building materials suppliers meanwhile registered a big 4.6% rise, as did fashion outlets, with sales at the latter 5.0% higher.
Sporting goods stores saw sales jump by 8.0% while those of non-store retailers surged by 11.0%.
Retail sales volumes for December were revised a tad lower, from a preliminary reading of -0.7% to -1.0%.
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