NRF Reports Rebound in Retail Sales in January
The National Retail Federation (NRF) just reported that retail sales rebounded this January after facing a slump in December. Specifically, retail sales jumped 1.3 percent seasonally adjusted from December and 3.6 percent unadjusted year-over-year.
But don’t get too excited.
A breakdown of the key retail sectors during January revealed electronics and appliance stores were among a few categories that faced a down slope. Though they weren’t the worst performers on that list, the NRF reported electronics and appliance stores were down 3.2 percent year-over-year and down 0.3 percent month-over-month seasonally adjusted. Although we uncovered similar findings in our Dealerscope CE Retail Confidence Index (DS Index), it’s still not news you want to hear.
But we haven’t lost all hope just yet.
With the government shutdown and stock market volatility behind us consumers are likely gaining their confidence back. These results also come just weeks after the NRF projected retail sales to grow between 3.8 and 4.4 percent in 2019.
“Although some hesitancy is still lingering, it is good to see consumer spending showing traction given the concerns on the minds of American families last month,” NRF Chief Economist Jack Kleinhenz said. “We expect higher wages and low unemployment to continue to promote consumer confidence in the year ahead."