The Commerce
Department reported on Wednesday the sales at U.S. retailers surged 5.3 percent
m-o-m in January 2021, following a revised 1.0 percent m-o-m decline in December
2020 (originally a 0.7 percent m-o-m drop). This was the strongest monthly gain
since June 2020.
Economists had
expected total sales would increase1.1 percent m-o-m in January.
According to
the report, the largest advances in retail sales were recorded at electronics
and appliance stores (+14.7 percent m-o-m), furniture and home furnishing
stores (+12.0 percent m-o-m), nonstore retailers (+11.0 percent m-o-m), sporting
goods, hobby, musical instruments (+8 percent m-o-m) and food and drinking
places (+6.9 percent m-o-m).
Excluding auto,
retail sales climbed 5.9 percent m-o-m in January after a revised 1.8 percent
m-o-m drop in the previous month (originally a 1.4 percent m-o-m fall), also being
much better than economists’ forecast of a 1.0 percent m-o-m gain.
Meanwhile,
closely watched core retail sales, which exclude automobiles, gasoline,
building materials and food services, and are used in GDP calculations, jumped 6.0
percent m-o-m in January after a revised 2.4 percent m-o-m decrease in December
(originally a 1.9 percent m-o-m decline). Economists had forecast core retail
sales growing 1.0 percent m-o-m in January.
In y-o-y terms, the U.S. retail sales jumped 7.4
percent in January after a revised 2.5 climb in the previous month (originally
a 2.9 percent surge).
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