Arlington, Va. A report released Friday by the Department of Commerce showed monthly retail sales figures making broad gains in January over the previous month.
The Retail Industry Leaders Association responded to the gains by saying they represent evidence that the economy is growing and recovery is underway. Friday’s report follows last week’s news from the Department of Labor that retailers added 42,000 jobs in January.
“Retail sales growth in January provides retailers and consumers with additional evidence that the worst is behind us and economic recovery is underway,” said Casey Chroust, RILA’s executive VP retail operations. “Retailers recognize that a meaningful economic recovery will take time and can be interrupted by uncontrollable events, such as this week’s east coast blizzard, which kept consumers at home for nearly a week.”
“With substantial top line growth challenges resulting from the economy, retail performance will continue to rely heavily on controlling costs as retailers maintain tight inventories, and place smaller and more frequent orders. These inventory measures will continue to positively affect cost management and gross margin performance,” Chroust added.