January retail sales trounce expectations
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.