US retail sales rise 5.72% YoY, 0.2% MoM in January: NRF

Clothing and accessories stores led sectoral performance, with sales up 0.23 per cent MoM seasonally adjusted and surging 9.39 per cent YoY unadjusted. January sales were up in all but one of nine categories on an annual basis, driven by clothing stores and digital products. On a monthly basis, sales increased in four categories. General merchandise stores edged down 0.05 per cent MoM but advanced 5.46 per cent YoY, NRF said in a press release.

The Retail Monitor’s calculation of core retail sales, excluding restaurants in addition to auto dealers and petrol stations, rose 0.15 per cent MoM in January and climbed 5.51 per cent YoY. This compares with December increases of 1.6 per cent MoM and 3.58 per cent YoY.

“Consumers demonstrated continued resilience in January, showing moderate spending growth on the heels of record-high spending during the holiday season,” said Matthew Shay, president and CEO of NRF. “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. Retailers are doing their part by leveraging supply chains and new technologies to ensure that products remain affordable for American families.”

January’s performance follows a record-breaking November-December holiday season, which grew 4.1 per cent YoY, according to previously released Retail Monitor data.

Fibre2Fashion News Desk (SG)