Retail sales sizzled in January, beating expectations. Even the struggling department store sector managed to beat the odds.
Retail sales, excluding automobiles and gasoline, grew 0.4% in January, according to the National Retail Federation. (The numbers exclude automobiles, gasoline stations and restaurants)
“The healthy monthly gain was driven by January’s strong payroll gains, retail employment gains and business sentiment,” NRF chief economist Jack Kleinhenz said. “We haven’t seen strong January growth in several years, which indicates that consumers are increasing their spending and remain the leading driver of the economy.”
