Retail sales were expected to increase 1.9% in January, according to Dow Jones.
for the month increased 3%, compared with expectations for a rise of 1.9%, the Commerce Department reported Wednesday. Excluding autos, sales rose 2.3%, according to the report, which is not adjusted for inflation. The ex-autos estimate was for a gain of 0.9%.
Even with a 2.4% increase in gas prices, receipts at service stations were flat. Online retailers saw an rise of 1.3%, while electronics and appliances stores increased 3.5%.On a year-over-year basis, retail sales increased 6.4%, which was exactly in line with the consumer price index move reported Tuesday.Other economic news Wednesday showed that industrial production was flat in January, compared to the estimate for a 0.4% gain, according to Fed data.
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