U.S. retail sales unexpectedly rose in January, lifted by an increase in purchas...
WASHINGTON - U.S. retail sales unexpectedly rose in January, lifted by an increase in purchases of building materials and discretionary spending, but receipts in December were much weaker than initially thought.
Retail sales rose 0.2 percent. Data for December was revised down to show retail sales dropping 1.6 percent instead of tumbling 1.2 percent as previously reported. The drop in December was the biggest since September 2009 when the economy was emerging from recession. Excluding automobiles, gasoline, building materials and food services, retail sales rebounded 1.1 percent in January after a downwardly revised 2.3 percent plunge in December. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
However, December reports on the trade deficit and construction spending have led economists to believe the fourth-quarter GDP growth estimate would be revised lower when the government publishes its revision later this month.
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