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17 Feb 2021 | 13:45

US retail sales rocket in January

(Sharecast News) - Retail sales volumes in the US shot higher last month with across the board strength in all categories. According to the Department of Commerce, retail sales volumes surged at a month-on-month pace of 5.3% in January to reach $509.8bn in seasonally adjusted terms.

That was far better than the 0.8% rise which the analyst consensus had penciled-in.

In turn, that pushed the year-on-year rate of growth in retail sales up to 7.4%.

Sales of furniture and electronic goods were strongest, rising by 12.0% and 14.7% month-on-month, respectively.

Building materials suppliers meanwhile registered a big 4.6% rise, as did fashion outlets, with sales at the latter 5.0% higher.

Sporting goods stores saw sales jump by 8.0% while those of non-store retailers surged by 11.0%.

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