Colorado Retail Numbers in Line with Rest of the Nation
It’s not what economists were hoping for but retail sales for January were still up nationally. And Colorado’s numbers mirror that trend.
Economists expected more than just a 0.3 increase but much of the nation was also blasted by severe winter storms last month, which kept many would be shoppers at home. But a lack of storms may have helped Colorado’s numbers.
Shannon Butler of the Colorado Retail Council believes another reason for the boost has to do with the extension of a social security tax cut at the end of last year.
“I think it’s been helpful. I think people have had a lock on their wallets for a long time and they are feeling much more comfortable to open those wallets up and blow off the dust,” says Butler.
January was the seventh straight month for retail growth nationally but it also marks the weakest showing since last June. The Commerce Department says sales at auto dealerships, department stores and electronic retailers lead the increase. The numbers were lower at hardware, furniture and clothing outlets.