Retail Sales Report Shows Surprising Surge Driven by Demand

The monthly Department of Commerce report exceeded expectations, rising 3.8% in January, well beyond the 2.1% increase predicted. This was largely supported by on-line sales, home furnishings and vehicle sales. Bars and restaurants, however, saw a small decline responding to the latest wave of Omicron cases. After experts projected economic growth to slow to 1.7% (annualized) this year, these unexpected hikes in consumer activity could “lead economists to revise their estimates higher.”

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