U.S. Retail Sales Post Solid Advance to Close Out Moderate 2019
Thursday, 16 January 2020 20:44 WIB | ECONOMY |Ekonomi ASRetail Sales
U.S. retail sales strengthened in December,thanks to a late holiday-shopping rush that wrapped up a more-moderate year of spending at the nation™s merchants.
The value of receipts at retailers rose 0.3%, matching the prior month™s revised gain, and climbed 5.8% from December 2018, Commerce Department figures showed Thursday. Stronger sales occurred in all major categories except motor vehicle dealers. Excluding autos, retail purchases climbed 0.7% from the prior month, the most since July.
Closely watched retail œcontrol group sales increased 0.5%, just above the median forecast in a Bloomberg survey of economists. The core measure excludes food services, car dealers, building-materials stores and gasoline stations, giving a better sense of underlying consumer demand.
For all of 2019, the value of retail sales increased 3.6%, a step down from an almost 5% gain in 2018 that was the largest annual advance in six years and reflected a boost from tax cuts. At the same time, consumers will probably remain the economy™s chief source of fuel as companies continue to hire and household sentiment stays elevated.
Separate figures from the Labor Department on Thursday showed jobless claims declined to a six-week low.
Personal consumption, which includes spending on services and merchandise, posted the largest back-to-back quarterly gains since 2014 in last year™s second and third quarters. Control-group retail sales decreased an annualized 0.3% in the fourth quarter compared with a 6% rate in the three months ended in September, indicating household spending cooled.
Source : Bloomberg