NEW YORK — Americans backed off their holiday spending pace in January, but retail sales rose for a third month in a row compared with a year earlier, largely because of higher gas prices, according to figures released Wednesday.
Analysts expect the modest spending pace to improve in coming months, though it will be far from robust as high unemployment and tight credit show little sign of disappearing.
Including goods from food to clothing to gasoline — but excluding cars — U.S. retail sales rose 3.6 percent from January 2009, according to MasterCard Advisors’ SpendingPulse, which estimates spending in all forms, including cash. That increase followed a 4.8 percent gain in December and a 2.1 percent gain in November, according to SpendingPulse.
Excluding both gas and auto sales, retail sales rose 0.3 percent in January, 2.1 percent in December and 0.2 percent in November compared with a year earlier. The year-over-year figures are not seasonally adjusted. The Associated Press
