Retail sales showed moderate monthly growth and strong year-over-year gains in January, marking the fourth consecutive month of increases, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.
Total retail sales, excluding automobile dealers and gasoline stations, were up 0.2 percent seasonally adjusted month over month and up 5.72 percent unadjusted year over year in January. That compared with increases of 1.26 percent month over month and 3.54 percent year over year in December.
Core retail sales, which also exclude restaurants, rose 0.15 percent month over month and 5.51 percent year over year. December’s core sales had increased 1.6 percent month over month and 3.58 percent year over year.
“Consumers demonstrated continued resilience in January, showing moderate spending growth on the heels of record-high spending during the holiday season,” said Matthew Shay, NRF president and CEO. “This was the fourth consecutive month that sales rose from the month before, and year-over-year gains were particularly strong. Consumer spending continues to drive the broader economy forward, supported by healthy household finances and real wage gains that have increased purchasing power.”
The January results follow a record-breaking November-December holiday season, which grew 4.1 percent year over year based on Retail Monitor data.
January sales were up in all but one of nine categories on a yearly basis, led by clothing stores, digital products and health and personal care stores. Grocery and beverage stores were up 0.37 percent month over month seasonally adjusted and up 5.41 percent year over year unadjusted.
Other category highlights include clothing and accessories stores, up 0.23 percent month over month and 9.39 percent year over year; digital products, up 1.22 percent month over month and 6.45 percent year over year; health and personal care stores, up 0.66 percent month over month and 5.98 percent year over year; and general merchandise stores, down 0.05 percent month over month but up 5.46 percent year over year.
Building and garden supply stores was the only category to decline year over year, down 6.26 percent.
“Retailers are doing their part by leveraging supply chains and new technologies to ensure that products remain affordable for American families,” Shay said.
Unlike survey-based data collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.