15 Feb 2012

US retail sales up

12:35 pm on 15 February 2012

Retail sales in the United States picked up last month after a sluggish December, providing a firm foundation for the economy's recovery.

Sales rose 0.4% in January after being flat the prior month.

The January reading was weaker than economists had expected because auto dealers took in less cash.

Excluding auto-related spending, sales rebounded 0.7%, the biggest gain in 10 months.