U.S. Retail Sales Rise Most in 10 Months, Defying Omicron Woes
U.S. retail sales jumped by the most in 10 months in January, rebounding from an end-of-year slump.
The value of overall purchases rose 3.8% in January after a downwardly revised 2.5% drop in the prior month, Commerce Department figures showed Wednesday. The figures aren’t adjusted for inflation.
The median estimate in a Bloomberg survey called for a 2% advance in overall retail sales from the prior month.
The broad-based advance in sales underscores the resiliency of Americans’ demand for merchandise. While the omicron variant and related surge in Covid-19 infections likely dampened services spending in the month, an improving labor market has helped consumers continue to spend on things like cars and furniture despite decades-high inflation and a collapse in confidence.
