Consumers leveled off post-holiday shopping and spending in the beginning of the year due in part to severe winter weather in much of the country, according to National Retail Federation, the trade association based in Washington, D.C.
January retail sales, excluding automobiles, gas stations and restaurants, were flat seasonally adjusted month-to-month yet increased 3 percent unadjusted year-over-year.
“Following a solid holiday sales season, it seems that many consumers decided to take a break from the stores and shopping malls this January in an attempt to avoid winter weather,” NRF President and CEO Matthew Shay said. “While the dip in retail sales was somewhat anticipated, it is concerning that both jobless claims came in above projections and that consumer spending were flat in January – it’s not the way to kick off a new year.
Click on the link below for the story from CityBizList
via Severe Winter Weather Cripples Retail Sales | Baltimore Citybizlist.
