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US retail sales see slowdown in January

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by Kay Mitchell

The Commerce Department today revealed US retail sales slowed in January – this was attributed to the heavy snowfall which gripped parts of the country during the month.

According to the Commerce Department, sales grew 0.3% in January on a monthly basis – the slowest gain in seven months.

However, on an annual basis, sales were 7.8% higher last month compared January 2010.

Meanwhile, December’s rise was revised downwards from 0.6% to 0.5%.

These figures are closely watched since consumer spending accounts for approximately two-thirds of economic output in the US.

The figures were worse than economists had expected since sales were expected to be higher as consumers had more cash to spend following a social security tax cut.

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News posted: February 15, 2011

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