U.S. Jan. Retail Sales Up a Better-than-expected 0.3%

Contrary to popular media opinion, the sky is NOT falling.

WASHINGTON - U.S. retail sales rose a better-than-expected 0.3% in January, the Commerce Department estimated Thursday. The consensus forecast of Wall Street economists was for retail sales to fall 0.3%. Auto sales rose in January, a surprise given the weak domestic unit sales reported earlier in the month. Gasoline sales were also rose as a result of higher prices. Excluding autos, sales rose 0.3%, in line with expectations. Excluding gasoline, sales increased 0.1%. Excluding both autos and gas, sales were flat in the month.