Investing.com - Retail sales in the U.S. inched up in line with market expectations in January, while core retail sales came in slightly higher, official data showed on Wednesday.
In a report, the U.S. Census Bureau said that retail sales rose by a seasonally adjusted 0.1% in January, in line with expectations.
Retail sales rose by 0.5% in December.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, increased by a seasonally adjusted 0.2% last month, beating expectations for a 0.1% gain. Core sales in December rose 0.3%.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.15% to trade at 1.3475.
Meanwhile, U.S. stock future indices remained mixed. The Dow Jones Industrial Average futures pointed to a loss of 0.1% at the open, S&P 500 futures pointed to a gain of 0.2%, while the Nasdaq 100 futures pointed to a rise of 0.3%.