IE Business Daily Business news for the Inland Empire.
Nationwide retail sales posted a strong year-over-year gain in January – 5.4 percent – despite a letdown following a better-than-expected holiday shopping season.
Total retail sales, not counting automobiles and gasoline, were down one percent between November and December, according to data compiled by the Retail Monitor for CNBC and the National Retail Federation Retail Monitor.
The monthly numbers, unlike the year-over-year number, was seasonally adjusted.
“Despite the monthly decline, the year-over-year increase reflects overall consumer strength as a strong job market and wage gains above the rate of inflation continue to support spending,” said Matthew Shay, the federation’s president and chief executive officer, in a statement. “We’re seeing a ‘choiceful’ and value-conscious consumer who is rotating spending across goods and services and essentials and non-essentials, boosting some sectors while causing challenges in others.”
January sales were up in seven out of nine categories year-over-year, led by online sales, health and personal care stores, and clothing and accessories stores, according to the survey.
