The Commerce
Department announced on Thursday that sales at U.S. retailers fell 0.8 per cent
m-o-m in January 2024, following a downwardly revised 0.4 per cent m-o-m gain
(from +0.6 per cent m-o-m) in December 2023. This marked the steepest monthly decline
in retail sales since March 2023 (-0.9 per cent m-o-m).
Economists had predicted
total sales would slip 0.1 per cent m-o-m in January.
According to
the report, the January decrease in total retail sales was due to declines in 9
of all 13 retail categories, led by building material and garden equipment and
supplies dealers (-4.1 per cent m-o-m), miscellaneous store retailers (-3.0 per
cent m-o-m), gasoline stations (-1.7 per cent m-o-m), and motor vehicle and
parts dealers (-1.7 per cent m-o-m). These increases, however, were partly
offset by advances in 3 other categories,
led by furniture and home furnishings stores (+1.5 per cent m-o-m). General merchandise stores witnessed no
change in retail sales last month.
Excluding auto,
retail sales fell 0.6 per cent m-o-m in January after an unrevised 0.4 per cent increase m-o-m in the previous month, being worse than economists’ forecast of a 0.2 per
cent m-o-m rise.
In y-o-y terms, U.S. retail sales went up 0.6
per cent in January after a downwardly revised 5.3 per cent climb (from +5.6
per cent) in the previous month.