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NRF reports on January retail sales growth

15/02/2012 - By Alexander Galasso

A report reveals that retail sales in January continued to increase.

Tag: Credit Card Processing

The National Retail Federation (NRF) has reported that January retail sales increased 0.9 percent adjusted month-over-month from December and 4 percent for overall growth in the past year, excluding consumer spending from restaurants, automobiles and gas stations. These numbers surpassed numbers released in a report from the U.S. Department of Commerce on Tuesday, which included every industry outside of automobiles.

"Thanks to a combination of unseasonably warm weather across much of the country and millions of shoppers with gift cards burning holes in their pockets, retailers are still riding the tailwinds of consumers' spending power," said NRF president and CEO Matthew Shay. "As a traditionally slower sales month for the industry, it's encouraging to see such sustained growth in consumer spending and sentiment."

Sectors that experienced growth at the start of 2012 include book stores and sporting goods stores, as well as general merchandise shops, furniture stores, home-building and garden businesses, and electronics companies.

In a survey of economists released by Marketwatch, it was predicted that as consumer spending increases and retailers see a greater demand for goods and services, stores will add new positions, which could inject income into the economy and result in a greater number of sales going through point-of-sale terminals and online credit card processing services. 

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