Daily Update (Source: RBC Financial Group
US January retail sales up 0.2% in January with strong underlying details
Feb 12, 2016
- Retail sales rose by 0.2% in January 2016, slightly above market expectations for a 0.1% increase.
- Excluding motor vehicles, sales rose by a still relatively modest 0.1%, but so called ‘control’ sales (which exclude motor vehicle dealerships, gasoline stations, and building material stores) rose by a stronger than expected 0.6% (compared to expectations for a 0.3% gain) to retrace the 0.3% decline posted in December 2015.
- The gain in the retail control measure along with earlier-reported strength in auto sales in January provided some upside risk to our monitoring that consumer spending will bounce back to a 2.7% rate in the first quarter of 2016. This would follow a 2.2% rate
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