US economy still resilient as retail sales beat expectations, layoffs stay low

January 30, 2024

Retail sales increased 0.3% last month after falling 0.2% in October, the Commerce Department's Census Bureau said. Economists polled by Reuters had forecast retail sales edging down 0.1%. Retail sales are mostly goods and are not adjusted for inflation. Shopping is increasingly shifting to online, away from brick-and-mortar retailers, with online retail sales rebounding 1.0% after sliding 0.3% in October. UNDERLYING MOMENTUMExcluding automobiles, gasoline, building materials and food services, retail sales increased 0.4% last month.