US retail sales rose more than expected in January, providing a boost to hopes for a strong economic recovery.
Sales grew 0.5% month-on-month, while December’s figure was revised to a 0.1% fall from a first estimate of a 0.3% fall, the Commerce Department said.
Compared with January last year, sales were up by 4.7%.
But separately, a closely-watched survey suggests that confidence among US consumers remains fragile as concerns about unemployment remain.
Retail sales are followed particularly closely in the US, as consumer spending accounts for about 70% of overall US economic activity.
“It’s a nice surprise for the economy. It suggests that the consumer is willing to spend a little. It tells us that retail sales are in a clear recovery,” said Kathleen Stephansen at Aladdin Capital Holdings.
