Retail sales surge in January as Omicron fades and Americans step up spending

Americans picked up the pace of their spending in January as the threat of Omicron coronavirus variant faded and supply-chain shortages eased for some consumer goods.

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 spending numbers further in January.