WASHINGTON - Retail sales increased 0.5% in January, beating economists’ estimates, boosted by strong sales at merchandise and electronics sales, the Commerce Department reported today.
Excluding motor vehicles and parts, retail sales increased 0.6%, following an unchanged 0.2% decline in December. Auto and part sales were flat for the month.
December retail sales were down a revised 0.1%, originally reported as a 0.3% drop.
Economists polled by Thomson Reuters had expected overall retail sales to increase 0.3% and for sales excluding autos to increase 0.5%, according to the median estimate.
The strongest gains came from general merchandise stores, which increased 1.5%, the largest monthly gain for the sector since February. Also electronic and appliance stores increased 1.2%, the largest gain in two months.
Retail sales increased 4.7% from a year ago.
Excluding auto and gasoline sales, retail sales increased 0.6% in January from a 0.3% decline in December.
