Published: Thu, February 16, 2017
Business | By Megan Pierce

Retail sales destroy expectations as gasoline sales soar

Retail sales destroy expectations as gasoline sales soar

Motor vehicle sales registered an increase of 0.9 percent on year. Gasoline sales jumped 2.3% in January from December and are up 14.2% from the same month in 2016.

Seasonally adjusted USA retail sales rose 0.4 percent in January, the Commerce Department reported, beating Wall Street expectations by 0.3 percent.

Retail sales registered a 0.4% gain, well above the 0.1% jump for the month expected by economists. Other notable increases included a 1.8% rise in sporting goods, hobby, book and music stores, following a 0.2% gain in the prior month. The surge, pointing to a sustained domestic demand and improving economic prospects, will likely reflect economic growth in the first quarter, analysts say.

Retail sales sizzled in January, beating expectations.

Sales at clothing stores hiked 1 percent, the biggest jump in nearly a year. Electronics and appliance stores rose 1.6% following a decline of 1.1% in December. Also encouraging is that December's increase was revised to 1% from 0.6%.

The Retail Sales Index and the Food and Beverage Services Index measure the short-term performance of retail and F&B service industries based on their sales records.

Purchases at restaurants and bars climbed 1.4 percent.

Strong sales results across many categories offset disappointing auto sales in January 2017. "Lawmakers should take note and stand firm against any policies, rules or regulations that would increase the cost of everyday goods for American consumers".

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