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


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%.

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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…


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