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| Version 0 | Version 1 |
|---|---|
| US retail sales in surprise rise | US retail sales in surprise rise |
| (10 minutes later) | |
| US retail sales rose 0.3% in January official figures show, bolstered by sales of new cars and petrol. | US retail sales rose 0.3% in January official figures show, bolstered by sales of new cars and petrol. |
| The sales rise, which had not been expected, followed a 0.4% decline in December, data from the Commerce Department showed. | The sales rise, which had not been expected, followed a 0.4% decline in December, data from the Commerce Department showed. |
| Analysts had predicted a 0.2% decline in January. | Analysts had predicted a 0.2% decline in January. |
| The US Federal Reserve has lowered interest rates in past months to boost economic activity and analysts said the figures would not delay further cuts. | The US Federal Reserve has lowered interest rates in past months to boost economic activity and analysts said the figures would not delay further cuts. |
| "The data is clearly a surprise to the upside," said Omer Eisner of Reusch International. | "The data is clearly a surprise to the upside," said Omer Eisner of Reusch International. |
| "I don't think it changes the outlook for further rate cuts. But in the near term, it does ease some recession concerns." | "I don't think it changes the outlook for further rate cuts. But in the near term, it does ease some recession concerns." |
| When volatile petrol sales are stripped out, overall retail sales rose by 0.1%, the Commerce Department said. | When volatile petrol sales are stripped out, overall retail sales rose by 0.1%, the Commerce Department said. |
| 'Not so strong' | 'Not so strong' |
| Consumer spending accounts for about two-thirds of economic activity in the US and it is bieng monitored carefully for indications of whether the country is falling into a recession. | |
| Declines in some sales areas suggested that customers were still tightening their belts, analysts said. | |
| Furniture sales dropped 0.5% in January, while department store sales slipped by 1.1%. | Furniture sales dropped 0.5% in January, while department store sales slipped by 1.1%. |
| And reflecting the continued slowdown in the housing market, sales of building materials fell 1.7%. | And reflecting the continued slowdown in the housing market, sales of building materials fell 1.7%. |
| "Some of the details were not so strong," said US interest rate strategist at Credit Suisse in New York, Carl Lantz. | "Some of the details were not so strong," said US interest rate strategist at Credit Suisse in New York, Carl Lantz. |
| "Gas (petrol) was a big add. Excluding autos and gas it was actually flat on the month." | "Gas (petrol) was a big add. Excluding autos and gas it was actually flat on the month." |