Economy

Retail sales jump 3% in January, smashing expectations despite inflation increase

0


Retail sales beat expectations, rose 3% in January

Sales at retailers rose far more than expected in January as consumers persevered despite rising inflation pressures.

Advance retail sales for the month increased 3%, compared with expectations for a rise of 1.9%, the Commerce Department reported Wednesday. Excluding autos, sales rose 2.3%, according to the report, which is not adjusted for inflation. The ex-autos estimate was for a gain of 0.9%.

related investing news

Top 10 things the Club is watching in the stock market Wednesday: Retail sales up, stocks dip, Airbnb soars

CNBC Investing Club

Food services and drinking places surged 7.2% to lead all major categories. Motor vehicle and parts dealers increased 5.9%,while furniture and home furnishing stores saw a rise of 4.4%.

Even with a 2.4% increase in gas prices, receipts at service stations were flat. Online…



Source cnbc.com

0 0 votes
Article Rating

Roblox (RBLX) earnings Q4 2022

Previous article

Mortgage demand drops as interest rates bounce higher

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Economy