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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]

Related Topics: retail sales , Retail crisis