ibusinesslines.com
ibusinesslines.com January 20, 2018


December Retail Sales Rose 5.4% YOY

13 January 2018, 04:05 | Kelvin Horton

December's retail sales were the best in three years; Philly retailers did well too

Retail Sales Grew 0.4% in December

Online retailers reported a strong sales gain of 1.2 percent.

"The Dec details show robust increase in furniture, building materials, and non-store retailers, while department stores did badly, with sales down 1.1%".

Retail trade sales increased 0.3% from November and 5.6% from previous year. However, many questioned exactly where that increased spending would go.

Compared to the same month a year ago, retail sales were up by 5.4% in December, reflecting a deceleration from the 6.0% year-over-year growth in November.


The U.S. Department of Commerce confirmed on Friday what retailers have been hinting at since Christmas - that the holiday season gave them a much-needed lift, fueled by strong demand for home goods and electronics, and a surge in online purchases.

Holiday sales grew in every retail sector except sporting goods, according to the National Retail Federation.

Consumer confidence is at 17-year highs, equity markets are in record territory, housing continues to post steady gains and wage growth has been steadily around 3% [or more], according to a note from Retail Metrics President Ken Perkins emailed to Retail Dive.

While strong sales were widely expected, many retailers were particularly hungry to prove themselves this past holiday season, following a year marred by tumbling stock prices, management shakeups, a slew of store closures and several industry bankruptcies. Nonstore Retailers were up 12.7% from December 2016, while Building Materials and Garden Equipment and Supplies Dealers were up 9.9% from past year. "Overall, though, these data are consistent with the very elevated consumer confidence numbers, and they imply that the saving rate, which is already very low, continues to decline", said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Taken together, analysts said, that represented the best holiday spending performance since 2005. "We think the willingness to spend and growing purchasing power seen during the holidays will be key drivers of the 2018 economy". Sales at auto dealerships increased by 0.2 percent, while sales at service stations were unchanged. Sales at sporting goods and hobby stores fell by 1.6 percent, the largest decline seen since November 2016.



Other News

Trending Now

California proposes more spending on schools and roads
The college would aim to help 2.5 million students earn credentials through more-flexible and affordable digital learning options. Philosophically, he is extending some of the recent changes in K-12 financing to the two-year public colleges.

HUD's Carson: 'We Know How to End Homelessness'
Housing Secretary Ben Carson said the grants "support our broader goal of ending or preventing homelessness as we know it". In Florida, there were nearly 32,200 people who experienced homelessness past year , a decline of 4 percent.

Bears bring back defensive coordinator Vic Fangio on 3-year deal
Helfrich becomes the second coordinator to be hired after the Bears named Chris Tabor as special teams coordinator on Wednesday. Helfrich is Nagy's fourth reported coaching hire and the first without ties to Lovie Smith's Bears staff.

Stan Lee, Marvel creator, accused by home-care nurses of sexual harassment
On December 20th the owner of the nursing company received a "cease and desist" letter from Lee's attorney, Tom Lallas . She claims Stan was out of control, he groped her and asked her for sex which the woman refused...

Mexican President Says He Is Optimistic About NAFTA Deal
A White House official, speaking on background, said there hasn't been any change in the president's position on the NAFTA. Trucks built there could be subject to a 25 percent tariff if the USA exits NAFTA.

UIDAI Introduces Aadhaar Virtual ID and Limited KYC
Global AUAs should make changes in their systems to accept UID token, in addition to Aadhaar number and use it in their processes. Here's a 9-point explainer on how Virtual ID is supposed to work - and if it addresses security concerns.

Xcel Energy sending employees to help with power restoration in Puerto Rico
East Tennessee hospitals say they're feeling the impact of a saline-solution shortage that has been worsened by Hurricane Maria. Puerto Rico's more than three million residents are USA citizens, with no obstacles to living and working on the mainland.