Retail sales details, ex-gasoline:
biz.yahoo.com
...The 0.3 percent rise in retail sales in January was the best showing since sales had jumped by 0.8 percent in November. Auto sales increased by 0.6 percent last month, the best showing since a 0.7 percent rise in September.
Sales at gasoline stations were up 2 percent, the biggest rise since November, and a gain that reflected higher pump prices. The retail sales figures are not adjusted for price changes.
Excluding gasoline, retail sales rose a more modest 0.1 percent in January, and excluding autos, sales were up 0.3 percent.
Clothing stores saw an increase of 1.4 percent but general merchandise stores, the category that includes department stores and big chains such as Wal-Mart, saw a tiny increase of 0.1 percent.
Sales fell at a number of establishments including furniture stores, electronics stores, hardware stores and sporting goods stores.
I'm actually a little surprised, though. Even after taking into account the gasoline price impact, sales were better than I would have expected. Perhaps the spike in retail stocks was telegraphing this. Where the hell is the money coming from to support the spending? Income is stagnant, the housing ATM is gone, and credit cards are getting cut off by the lenders. Where the heck is it coming from?
`BC |
