January retail sales surge 3.8% as threat of omicron fades
ABC News
Americans picked up the spending pace in January as the threat of omicron faded and there was some easing of supply shortages
NEW YORK -- Americans picked up the pace of spending in January as the threat of omicron faded and there was some easing of supply shortages.
Retail sales surged a seasonally adjusted 3.8% last month, whizzing past the projections of most economists. That compared to the prior month when sales slid 2.5% according to revised figures released Wednesday by the U.S. Commerce Department.
Surging inflation likely pumped up the numbers further in January.
Retail sales were up across the spectrum. Sales at general merchandise stores rose 3.6%, while department stores saw business up 9.2%. Sales at furniture and home furnishings stores rose 7.2%. Online sales surged 14.5%. However, restaurants saw a 0.9% decline from the month before likely as consumers refrained from going out to eat for fear of catching the virus.
