U.S. consumer spending appears to have slowed further in January, with sales at clothing stores declining by the most since 2009, which could raise concerns about the economy’s ability to continue expanding at a moderate pace.
Core retail sales correspond most closely with the consumer spending component of gross domestic product.Economists polled by Reuters had forecast core retail sales rising 0.3 per cent last month. Fed Chair Jerome Powell told lawmakers this week that the “economy is in a very good place, performing well.” The U.S. central bank last month left interest rates steady. The Fed is widely expected to keep monetary policy on hold this year after it reduced borrowing costs three times in 2019.Overall retail sales, however, rose 0.3 per cent in January. Data for December was revised down to show retail sales gaining 0.2 per cent instead of climbing 0.3 per cent as previously reported.
Sales at building material stores jumped 2.1 per cent, the most since last August, after rising 1.3 per cent in December. Sales were likely boosted by unseasonably mild weather.Receipts at clothing stores dropped 3.1 per cent last month, the most since March 2009. Online and mail-order retail sales rose 0.3 per cent. That followed a 0.1 per cent dip in December. Receipts at furniture stores rose 0.6 per cent.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kraft Heinz takes $666-million writedown, misses sales expectationsKraft Heinz’s sales have been muted for fourteen straight quarters as consumers turn to cheaper private label brands, online shopping and fashionable, non-processed and organic food globebusiness Yeah everyone has moved on to digital ketchup. Sorry. globebusiness Why is everything 666 these days ? Hipster_Trader globebusiness Lots of reasons for the loss and hopefully Canadian tomatoes and French's ketchup.
Source: globeandmail - 🏆 5. / 92 Read more »
Competition Bureau investigating major agricultural suppliers over sales activityThe Competition Bureau says it is investigating several major agricultural suppliers to determine if conduct alleged against them may 'significantly harm competition' in Canada's agricultural sector.
Source: CTVNews - 🏆 1. / 99 Read more »
Manulife profit misses estimates on decline in Japan salesManulife reported net income attributable to shareholders of $1.2-billion, missing estimates of $1.5-billion globebusiness Why are all these big, greedy companies thinking they are entitled to the loot they estimate to get it. When they don;t they panic. Why? Simple; corporate greed.
Source: globeandmail - 🏆 5. / 92 Read more »
A&W sees sales metric slip in fourth quarter after strong performance last yearThe fund says the key retail metric fell 1.9 per cent for the fourth quarter ended Dec. 31, 2019 globebusiness Guess the comparisons of 'beyond meat' to dog food may have been on to something.. The entire full court press for beyond meat just seemed odd globebusiness Jumping on the fake meat bandwagon probably didn't help Plant protein isn't necessary a bad thing but highly processed foods that include it as an ingredient don't equate to healthier food or value for consumers who want a burger and fries
Source: globeandmail - 🏆 5. / 92 Read more »
Jeff Bezos just spent $165-million on a Beverly Hills mansion — a record for Los AngelesSale comes just days after filings showed Bezos cashed out US$4.1 billion of Amazon shares Lotsa dollars and no sense (cents)... Not interested don’t care...next!
Source: nationalpost - 🏆 10. / 80 Read more »
Kraft Heinz takes $666-million writedown, misses sales expectationsKraft Heinz’s sales have been muted for fourteen straight quarters as consumers turn to cheaper private label brands, online shopping and fashionable, non-processed and organic food globebusiness Yeah everyone has moved on to digital ketchup. Sorry. globebusiness Why is everything 666 these days ? Hipster_Trader globebusiness Lots of reasons for the loss and hopefully Canadian tomatoes and French's ketchup.
Source: globeandmail - 🏆 5. / 92 Read more »