Photo: cristiano_betta / Flickr
The January retail sales report is out, and it was basically in line with expectations.The headline number climbed 0.1 per cent, which was right in line.
Excluding autos and gas, retail sales climbed by 0.2 per cent. This was a bit lighter than the 0.4 per cent growth expected.
This report is being carefully scrutinized as it is the first reading of how the recent payroll tax hike may have impacted consumer spending.
Everyone is likely breathing a sigh of relief as the report didn’t come in much worse than expected.
It’s worth noting that economists weren’t expecting an all-out decline thanks to seasonal factors like holiday gift card spending.
Here’s a breakdown of the numbers via the Census: