Retail sales figures for both December and January were disappointing. This has surprised many economists since logic dictates that consumers would have spent more freely over the last couple of months due to the combination of an improving labor market and low gasoline prices. Some economists have suggested that consumers are spending more, but not on retailed items.
For instance, people are heading to casinos. As reported by Bloomberg, after several months of decline, revenue in some gaming markets began rising in December. For instance, casino sales rose twenty-one percent in Louisiana from a year earlier and twelve percent in Ohio. In January, casino revenues were up fifteen percent in Indiana and by roughly ten percent in Missouri.
Operators of regional casinos contend that lower gasoline prices are encouraging customers to spend more money on this form of entertainment, as are employment and consumer confidence gains. Despite the generally improving economic conditions, casino revenue in Atlantic City was flat in January according to New Jersey’s Division of Gaming Enforcement.
