Feb 16, 2022 - Economy & Business

January retail sales trounce expectations

Data: FactSet; Chart: Thomas Oide/Axios

A new report on January retail sales showed consumer spending was much better than expected early this year.

Driving the news: Last month's retail sales trounced expectations, rising 3.8%. (Economists expected a 1.8% bump in January.) They dropped 2.5% in December.

Yes, but: Part of the jump is just because January prices rose 0.6%.

Why it matters: Consumption is 68% of the economy and Americans are still spending—inflation and Omicron be damned.

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