Strong Retail Sales Report for January

Apparently, folks don’t care that much about inflation. At least, it’s not keeping them from the malls. This morning’s retail sales report was the strongest in 11 months. Last month, retail sales rose by 3.8%. Bear in mind, that number isn’t adjusted for inflation. Wall Street had been expecting an increase of 2.3%.

Retail sales for December were revised higher to a decline of 1.9%. The original report showed a decline of 2.5%.

Excluding auto sales, the retail gain was 3.3%, after falling 2.8% in the previous month.

Online shopping contributed the most on a percentage basis, with nonstore retailers seeing a gain of 14.5%. Furniture and home furnishing sales increased 7.2%, while motor vehicle and parts dealers saw a 5.7% rise.

Food and drinking establishments, considered a barometer for the pandemic-era economy, saw sales dip just 0.9% for the month despite the major escalation in Covid cases fueled by the omicron spread.

The stock market is down again this morning. This could be the market’s fourth loss in the last five days. We’re told that tensions are easing in Eastern Europe, but the market still seems on edge.

Posted by on February 16th, 2022 at 9:48 am


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