Despite Omicron Spread, US Retail Sales Increase by 3.8%... Largest Surge Since March Last Year

[Asia Economy New York=Special Correspondent Joselgina] Despite the spread of the new COVID-19 variant Omicron, US retail sales in January exceeded market expectations.

According to the US Department of Commerce on the 16th (local time), January retail sales increased by 3.8% compared to the previous month. This is the largest increase since March of last year. It also far surpasses expert forecasts (2.0~2.1%). Considering that retail sales in December last year had decreased by 2.5%, this is a clear rebound.

Core retail sales, excluding automobiles, gasoline, and groceries, increased by 3.3% during January.

By sector, online shopping showed strong performance. Furniture sales rose by 7.2%, and automobile and parts sales increased by 5.7%. However, restaurant and bar sales declined due to the impact of the Omicron spread.

Gus Faucher, Chief Economist at PNC, stated, "Consumers continue to spend despite concerns about inflation." CNBC reported that this indicator came out amid facing the worst inflation in 40 years.

This content was produced with the assistance of AI translation services.