Retail sales in the United States exploded in january like shops more that regained the lost ground in an unexpected fall in December, despite high inflation, according to government data released Wednesday.
Retail sales increased by 3.8% last months, the Commerce Department said, double what was expected and a dramatic reversal of the 2.5% decline in December, which was worse than originally announced.
“The force of this rebound adds credit to the idea that December sales were weak largely because people drawn holiday forward buying fearing shortages of popular items”, Ian Shepherdson of Pantheon Macroeconomics said, adding that the sales forecast was better than expected growth in the first quarter.
The White House applauded the data, saying on Twitter that he shows how US President Joe Biden “has taken concrete steps to get Americans back at work, battle COVID-19, and addressing supply chain issues, helping our economy continue to build on which already was a historic period of growth.”
Corn with consumer price up by a whopping 7.5% in the 12 months until January, general manager of GlobalData Neil Saunders said the price increases played one role in the surge in sales.
“While the volumes are positive, they are less impressive than the number initially suggests,” he wrote. in analysis.
the auto the industry, which continues to face reduced inventory due to global shortage of semi-drivers who reduced production, rebounded back last month with a 5.7% jump in Sales of motor vehicles and parts, according to the Department of Commerce.
No-store retailers encompassing e-commerce businesses saw sales jump 14.5%, while furniture and home stores recorded an increase of 7.2%, and the sales of the department stores rose 9.2%, according to the report.
Building materials and garden equipment dealerships saw a 4.1% increase in sales, electronics and appliances business increased by 1.9%.
Gas stations were among the few sectors that reported a decline in Sales in January, with a decrease of 1.3%. Sport stuff stores saw a 3% decrease while bars and restaurants and health and personal care stores suffered troughs of less than 1%.