Consumers are spending big in 2018.
An improving economy kept January retail sales nearly as good as the holiday season’s strong showing. The National Retail Federation announced sales increased 5.4 percent in January compared to last year at the same time.
» TRENDING COVERAGE: What will 2018 hold for our favorite stores? Closings and sales growth
The numbers exclude automobiles, gasoline stations and restaurants sales. Employment has increased, labor markets are tightening and wage growth is on the rise, contributing to strong retail sales, according to Jack Kleinhenz, NRF chief economist.
“These numbers reinforce a positive start to 2018 that reflects ongoing consumer optimism brought about by solid economic fundamentals,” Kleinhenz said.
A lot of the growth was fueled by online sales. Online and other non-store sales were up 13.2 percent year-over-year and were unchanged from December.
FIVE FAST BUSINESS READS
Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.