Retail Sales Rebound in January After Slump
Feb 13, 2008
Source: Associated Press
The Commerce Department reported that retail sales rose by 0.3 percent in January, after a 0.4 percent drop in sales in December, the Associated Press reported. These results were a surprise to analysts, who expected a 0.3 percent drop in sales in January. The increase was led by new car sales and an increase in sales at gas stations.
"As the consumer goes, so goes the economy," said Joel Naroff, chief economist at Naroff Economic Advisors, the AP reported. "It appears the consumer may have slowed down, but not left the field of battle." Consumer spending is closely watched by analysts as it accounts for two-thirds of economic activity. The Commerce Department also reported that businesses increased their merchandise as inventories rose by 0.6 percent, the fastest pace in 17 months.
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