Thursday, February 13, 2014

Retail Sales Weaken in January

Retail sales declined by 0.4% in January, below expectations. January’s report also revised down November and December’s headline numbers. Year-over-year growth was 2.6%, the slowest growth since 2009. The decline in sales was across the board, led by drops in auto sales. The colder then usual temperatures likely factored into the disappointing report.

Despite the general decline, there were some bright spots in January’s report. Building material sales grew 1.4%. Gasoline stations saw sales rise 1.1%. Motor vehicles and sales took the biggest hit, dropping 2.1%.

Read the Census report.

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