January Retail Sales Double Economist Projections
Here's some good news for struggling retailers: sales climbed 0.2% in January, doubling economists growth projections, Census Bureau data reveals.
Grocery stores and non-store retailers led the growth, though sales at gas stations, restaurants and bars fell. And the retail sales control group, which feeds into GDP calculations, rose 0.6%, Business Insider reports.
Headline retail sales saw a 3.4% increase compared to January 2015, a positive sign, PNC senior economist Gus Faucher wrote in a note to clients.
"Despite all of the turmoil in financial markets and growing chatter about recession," the economy's backbone continues to move higher, Faucher says. [BI]