Washington – A pop in consumer spending last month generated year-over-year gains for nearly every retail channel.
Furniture and home furnishings stores were up 4.4% month over month seasonally adjusted and up 4.5% unadjusted year over year. That performance bested the overall monthly gain and was in line with the broad year-over-year sales trend.
Total January retail sales as calculated by the National Retail Federation (NRF) rose 1.5% from December and increased 4.8% unadjusted year over year. NRF excludes automobile dealers, gasoline stations and restaurants in its tally to focus on core retail. In December, sales were down 0.5% month over month but up 4.8% year over year.
NRF’s numbers were up 5% unadjusted year over year on a three-month moving average as of January.
“Consumer spending clearly picked up after the holidays,” said NRF chief economist Jack Kleinhenz said. “Sales were helped along by job and wage growth, slightly lower inflation and unusually warm and dry weather that preceded February’s record cold.”
He noted that a large cost-of-living adjustment gave Social Security beneficiaries more money to spend. In addition, many consumers were still drawing on savings they built up during the pandemic.
“January made up for the softer pattern of spending in December that came after early shopping pulled holiday spending forward this past fall,” he added.
The U.S. Census Bureau today said overall retail sales in January were up 3% from December and up 6.4% year over year. In December, sales were down 1.1% month over month but up 5.9% year over year. The Bureau’s figures include automobile dealers, gasoline stations and restaurants
January sales were up in all but one retail category on a yearly basis, led by sporting goods stores, clothing stores and online sales, and increased across the board on a monthly basis. In addition to the home furnishings and furniture channel noted above, results from key sectors include:
- Sporting goods stores were up 0.2% month over month seasonally adjusted and up 6.9% unadjusted year over year.
- Clothing and clothing accessory stores were up 2.5% month over month seasonally adjusted and up 6.6% unadjusted year over year.
- Online and other non-store sales were up 1.3% month over month seasonally adjusted and up 5.7% unadjusted year over year.
- Grocery and beverage stores were up 0.1% month over month seasonally adjusted and up 5.3% unadjusted year over year.
- Health and personal care stores were up 1.9% month over month seasonally adjusted and up 4.9% unadjusted year over year.
- General merchandise stores were up 3.2% month over month seasonally adjusted and up 3.4% unadjusted year over year.
- Building materials and garden supply stores were up 0.3% month over month seasonally adjusted and up 3.4% unadjusted year over year.
- Electronics and appliance stores were up 3.5% month over month seasonally adjusted but down 6.5% unadjusted year over year.
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