January retail sales surge 3.8% as consumers defy inflation KPRC2
Retail sales jumped 3.8% from December to January, the Commerce Department said Wednesday, a much bigger increase than economists had expected. Though inflation helped boost that figure, most of January’s gain reflected more purchases, not higher prices.
Retail sales rose solidly across the spectrum in January. Sales at general merchandise stores rose 3.6% and at department stores 9.2%. Purchases at furniture and home furnishings stores increased 7.2%. Online sales jumped 14.5%. Since the pandemic erupted two years ago, spending has continued to be heavily weighted toward goods — things that people can own. But as COVID-19 cases decline, Americans are expected to begin spending more on concerts, movies and dinners out.At the same time, Wednesday's retail report covers only about one-third of overall consumer spending; it doesn’t include such services as haircuts, hotel stays and plane tickets.
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