Core retail sales in solid January rebound

Washington

US consumer spending appeared to regain momentum in January as households ramped up purchases of a variety of goods, in a hopeful sign that economic growth was picking up after slowing to a crawl at the end of 2015.

The Commerce Department said on Friday retail sales excluding automobiles, petrol, building materials and food services increased 0.6 per cent last month after an unrevised 0.3 per cent decline in December.

These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product (GDP). Economists polled by Reute…