January Retail Sales come in stronger than expected

The U.S. Census Bureau announced January 2008 Retail and Food Service Sales figures today. Adjusted for seasonal variation and holiday and trading-day differences, January 2008 had an increase of 0.33% from the previous December 2007 and a 4.27% above January 2007. Economists had expected a 0.3% decrease.

This is the advance release. The figures are often heavily revised in the next two months. The sales numbers have been revised downward in recent months. If December 2007’s Retail Sales figures had not been revised down this month, then January 2008 would have decreased 0.01% instead of the strong 0.33% gain. November Retail Sales when initially released looked really strong, posting a 1.2% increase over October 2007. November 2007 has been revised 0.62% below the initial released figures.

Retail Sales were led by Gasoline station sales which were up 23.0% from January 2007 due to increases in gas prices.

Here are two charts on Retail Sales. The second chart is without Automobiles which is more volatile. You can click on the charts for a larger view.

Here is a link to last month's post on December 2007 Retail Sales results.

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