Retail Sales Surged 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.