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Retail sales increase in January

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Retail sales increase in January

“Core” retail sales jump 0.6% during the month.

Retail sales rose 0.2% in January, according to data released by the Commerce Department today. This follows a 0.2% upwardly-revised increase in December.

Analysts had expected a 0.1% increase in January.

Sales excluding autos, gasoline, building materials and food services - so-called “core retail sales” - rose a healthy 0.6% during the month, compared to a 0.3% decrease in December.

Analysts had expected a 0.3% increase in core retail sales.

Retail sales appear to be benefitting from improving wage growth in the economy, although consumers remain cautious given the uncertainty of economic growth in the US and abroad, as well as the turmoil in the financial markets.

See the full report here.

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