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Consumers Focused on Buying Necessities
Feb 14, 2008
Source: National Retail Federation
While retail industry sales for January (excluding automobiles, gas stations and restaurants) rose 2.0 percent from January 2007 and 0.1 percent from December 2007, according to the National Retail Federation, consumers were buying necessities and not discretionary items. Winter clothing sold well during January, as did health and personal care items, but home furnishings saw the sharpest decline, 4.3 percent, in sales.
"The January numbers are indicative of the issues consumers are facing, including the housing slump, a sluggish employment sector and high energy prices," said NRF Chief Economist Rosalind Wells. "We expect to see marginal improvements in the second half of the year once consumers begin to receive their rebate checks."
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