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Consumers went on a spending spree in January and sent retail sales up 5.3 percent in January.

Economists surveyed by Dow Jones expected a rise of 1.2 percent. Excluding the sale of automobiles, sales rose 5.9 percent. This massive surge in spending was largely driven by $600 stimulus checks the government distributed after the approval of $900 billion in the additional stimulus.

Many economists expected a slowdown in economic growth as the world continues to battle COVID-19.

These are the details from the consumer spending report:

  • electronics and appliance sales jumped 14.7 percent
  • furniture and home furnishing store sales increased 12 percent
  • non-store retail sales increased 11 percent
  • food and drink sales rose 6.9 percent

Year over year, bar and restaurant sales are down 16.6 percent, clothing is down 11.1 percent, and electronics are down 3.5 percent.

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Economics, Finance and Investing

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