Retail sales bounced back through January as the Omicron variant hit its peak and inflation increased further.
- Spending at US retailers and restaurants expanded 3.8% last month to $649.8 billion. That figure indicates spending sharply rose in the first weeks of 2022 after falling 2.5% the previous month.
- December’s total was revised slightly downwards to $626.3 billion from $626.8 billion. The advanced retail sales report indicates that demand remained strong despite the Omicron variant rising to its peak.
- January retail sales, excluding the auto sector, jumped 3.3% as the stand-alone sales of cars and cars increased 5.7%.
- The retail trade sales increased 4.4% from December 2021 and 11% higher than the same period last year.
Gasoline stations posted a 33% surge in sales from January 2021 as food and services and drinking establishments posted a 27% growth in revenues from last year.
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Source: US Census Bureau