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On a monthly basis, retail sales were up 3.0% from December to January (seasonally adjusted), and sales were up 6.4 percent from January 2022.
From the Census Bureau report:
Advance estimates of U.S. retail and food services sales for January 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $697.0 billion, up 3.0 percent from the previous month, and up 6.4 percent above January 2022.
emphasis added Click on graph for larger image.
This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline).
Retail sales ex-gasoline were up 3.2% in January.
The second graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993.
Retail and Food service sales, ex-gasoline, increased by 6.8% on a YoY basis.
Sales in January were well above expectations, however, sales in November and December were revised down, combined.
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