U.S. consumer spending increased by 3.6% year over year to $492 billion in January but dipped by 0.3% month over month from a downwardly revised December total of $493.3 billion. The U.S. Census Bureau released its estimated retail sales data for January Wednesday morning. A poll of economists had forecast that retail sales would rise 0.3% compared with sales in December.
Sales of motor vehicles fell 1.2% month over month from December and rose 1.6% compared with January 2017. Car sales totaled $100.37 billion last month on an adjusted basis, down from $101.65 billion in December and up from $98.84 billion in January 2016.
Total sales for the three-month period between November and January rose 4.9% compared with year-ago totals.
Retail trade sales slipped 0.3% month over month but rose 3.9% year over year. Nonstore retail sales rose 10.2% year over year. Month over month, nonstore retail sales were flat.
Gasoline station sales rose 1.6% month over month and are up 9% year over year. The increase is due largely to higher pump prices.
Electronics stores posted a sales increase of 0.5% month over month and a year-over-year increase of 1.6%. Department stores posted a month-over-month sales increase of 0.8% and a year-over-year increase of 0.4%.
Sales of building materials and garden supplies fell 2.4% month over month but were 3.6% higher year over year.
Food services and bar sales remained flat month over month and rose 2.1% year over year.
Furniture and home furnishings stores sales fell 0.4% month over month but posted a gain of 4.7% year over year. Sporting goods, hobby, book and music stores posted a month-over-month sales decrease of 0.8% and a year-over-year drop of 7.1%.
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.