By
updated 2/14/2012 9:06:35 AM ET 2012-02-14T14:06:35

U.S. retail sales rose less than expected in January as consumers cut back on car purchases and did less online shopping.

Major Market Indices

Total retail sales increased 0.4 percent after being flat in December, the Commerce Department said on Tuesday.

Economists polled by Reuters had forecast retail sales climbing 0.7 percent last month.

The government had initially estimated that sales rose 0.1 percent in December, and on Tuesday it also revised downward its reading for retail sales in November. The revisions suggest consumers did not spend as much as previously thought during the holiday shopping season.

Sales of cars and auto parts dropped 1.1 percent, while shopping at non-store retailers, a category dominated by online sales, also fell 1.1 percent, the biggest decline since March 2009.

Fueling the overall increase in retail sales during January, spending at gasoline stations rose 1.4 percent - the biggest gain since March 2011 - while receipts for electronics increased 0.5 percent.

Excluding autos, retail sales advanced 0.7 percent, falling short of analysts' expectations of a 0.5 percent increase.

Core retail sales, which exclude autos, gasoline and building materials, climbed 0.7 percent in January.

Core sales correspond most closely with the consumer spending component of the government's gross domestic product report.

Copyright 2012 Thomson Reuters. Click for restrictions.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.60%
$30K home equity loan FICO 5.75%
$75K home equity loan FICO 5.42%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 10.69%
10.69%
Cash Back Cards 16.36%
16.36%
Rewards Cards 15.46%
15.45%
Source: Bankrate.com
  1. Jump to text

    U.S. retail sales rose less than expected in Jan...

  2. Jump to discussion

    Retail sales rose less than expected in January

  3. Jump to data

    See the latest rates around the country