ARLINGTON, Va.—Total retail sales rose 0.3% in January, while prior month sales were revised lower.
"Retail sales were weaker than expected this month, and downward revisions to November and December mean that the holiday season was weaker than previously thought," said NAFCU Chief Economist and Vice President of Research Curt Long.
Of note, the 0.2% rises in December and November, were revised down by 0.1%.
Year-over-year growth in retail sales was 4.4% in January, down from 5.8% in December. Control group sales increased 4% from a year ago. Results were mixed among the major retail segments. Miscellaneous retailers (+2.3%), building material stores (+2.1%), and food and drinking places (+1.2%) saw the largest gains, while apparel stores (-3.1%) and electronic stores (-0.5%) suffered the sharpest drops, Long said.
"Job growth has slowed and wage growth has plateaued, but consumer sentiment is high and has been climbing in recent months," concluded Long. "The downside risks outweigh the upside ones at the moment, but NAFCU expects modest consumer sales growth throughout 2020."