NRF Sees Retail Sales Rebound—Slightly
Post-holiday bargains drew shoppers into stores in January, so retail sales increased slightly over the previous month, according to the National Retail Federation (Washington).
Retail industry sales for January, excluding vehicles, gas stations and restaurants, increased a seasonally adjusted 0.5 percent from December but decreased an unadjusted 2.1 percent year-over-year.
“While 2009 got off to a surprising start, it’s going to be difficult for retailers to maintain this momentum,” said Rosalind Wells, chief economist for the NRF. “We expect the first half of the year to present challenges while giving way to sustained growth in the fourth quarter.”
U.S. Commerce Department figures show total retail sales increased a seasonally adjusted 1 percent from December, but decreased an unadjusted 9 percent year-over-year.
Budget-conscious consumers spent much less than in January 2008, but continue to spend on the necessities, said the NRF. [May 2009 PET AGE]
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