Advance Retail Sales

Today, the Commerce Department released Advance Retail Sales Data for January.

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 (±0.5 percent) from the previous month, and up 6.4 percent (±0.7 percent) above January 2022. 

Total sales for the November 2022 through January 2023 period were up 6.1 percent (±0.5 percent) from the same period a year ago. 

The November 2022 to December 2022 percent change was unrevised at down 1.1 percent (±0.3 percent). 

Retail trade sales were up 2.3 percent (±0.5 percent) from December 2022, and up 3.9 percent (±0.5 percent) above last year. 

Food services and drinking places were up 25.2 percent (±2.6 percent) from January 2022, while general merchandise stores were up 4.5 percent (±0.2 percent) from last year.

Advance Retail Sales Month-Over-Month Other Details 

A key point to note is that retail and food services sales are adjusted for seasonal variation and holiday and trading-day differences, but not for price changes.

The nominal charts above show weakness for just a couple of months, In real (inflation adjusted) terms the sales reports look much worse.