Singapore Dec retail sales rise 0.4 pct from year earlier

Feb 16, 2017, 00:38
Singapore Dec retail sales rise 0.4 pct from year earlier

Retail trade sales were up 0.2% from December 2016, and up 5.6%. Seasonally adjusted auto sales fell 1.4 percent to $97.94 billion, down from December's booming $99.35 billion.

Retail sales, excluding automobiles and gasoline, grew 0.4% in January, according to the National Retail Federation.

The Census Bureau said that retail sales rose 0.4 percent in January, extending the 1.0 percent gain seen in December.

January sales for furniture and home furnishings retailers edged up 1.2% from the same month past year and were flat with the month before, again underperforming overall retail sales reported by the government. Consumer spending accounts for as much as 70% of US economic growth. But in December, excluding vehicles, retail sales saw a 0.3 per cent year on year increase, after declining a revised 2.5 per cent in November.

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Sales at clothing stores increased 1.0%, the largest rise in almost a year. The unemployment rate remained low in January at 4.8 percent, as the economy grew at a 1.9 percent annualized rate in the fourth quarter. As a result, economists expected a healthy rebound in January.

"Sales are growing at a decent clip, but the surge in consumers' confidence since the election is yet to translate into stronger spending", Ian Shepherdson, chief economist at Pantheon Macroeconomics, told the Associated Press.

Retail sales of petrol service stations, food & beverages, wearing apparel & footwear, watches & jewellery and department stores also decreased between 0.3 per cent and 2.2 per cent during this period.

This report includes material from Reuters and the Associated Press.