U.S. retail sales increased by the most in 10 months in January, lifting the level of sales to a record high amid a surge in purchases of motor vehicles and other goods, but higher prices could limit the boost to economic growth this quarter.
The report from the Commerce Department on Wednesday showed underlying strength in the economy ahead of anticipated interest rate increases from the Federal Reserve starting in March, although retail sales in December were much weaker than initially estimated.
Data for December was revised down to show sales declining 2.5% instead of 1.9% as previously reported. Economists polled by Reuters had forecast retail sales would rise 2.0%, with estimates ranging from as low as 0.7% to as high as 4.4%. That likely resulted in the seasonal factors being more generous than in previous years. Unadjusted auto sales were the highest for the month of January going back to 1992.
Stocks on Wall Street fell as investors worried the strong retail sales could give the U.S. central bank ammunition to aggressively tighten monetary policy.
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