The US Census Bureau reported that total seasonally adjusted retail sales in January rose 0.4%, considerably weaker than the 1% gain expected by economists polled by MarketWatch. Excluding auto sales, the increase was 0.7%, right on target. These comparisons are with December 2011.
Compared to January 2011, auto sales rose 7.5%, building materials rose 8.1%, and food and beverage establishments rose 8.2%. The only area with lower year-over-year sales was electronics stores, down -0.6%.
Total sales, excluding autos, rose 5.5% compared with January 2011. While total auto sales rose, actual sales figures were lower, indicating that auto makers and dealers were applying incentives and discounts to lure buyers.
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