January retail sales data is solid to kick off 2023

Commerce reported that January retail sales—at $697.0 billion—were up 3% compared to January and up 6.4% annually. NRF reported that its calculation of retail sales, which excludes automobile dealers, gasoline stations, and restaurants to focus on core retail, saw January increase 1.5% compared to December and a 4.8% increase on an unadjusted basis annually.