US retail sales data posted a decent upswing in January, surging well above the Wall St. estimate, after experiencing a nine-year low catastrophic fall in December, although multiple analysts had been quoted saying that the rebound was not sufficient to alter the course of a US economy, which had been swigging losses in early 2019.
After a stack of weak December data and steep moderation of the job growth, US Commerce Department’s report on Monday (March 11th) came as a welcome news for the US economy, although January’s increase would only recovered a fraction of December’s fall, leaving doors wide open for a slowdown in the consumer spending over the first quarter of 2019.
Citing Monday’s (March 11th) rebound as a tepid reversal, a chief economist at BMO Capital Market in Toronto, Douglas Porter said, “Sales managed only a tepid reversal in January from December’s deep freeze.
While we expect some further comeback in the next couple months, the big story is that the economy’s big engine is cooling”. According to data revealed on Monday (March 11th), US retail sales rose by 0.2 percent, while a revised December sales data posted a plunge of 1.6 percent, instead previously reported drop of 1.2 percent.
Excluding the food materials, building materials, automobiles and gasolines, US retail sales rebound 1.1 percent in January, which also jolted all three key indexes of Wall St. boldly into an affirmative territory.