January US retail sales have grown the largest since March last year, surpassing market expectations. It was suggested that demand was strong despite the spread of the new coronavirus.
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This statistic is not inflation adjusted.
Upside Surprise
U.S. retail-sales measures both increased more than expected in January
Source: U.S. Commerce Department, Bloomberg survey
January retail sales increased in a wide range of areas, demonstrating firm demand for a variety of commodities such as automobiles and furniture. The spread of the Omicron variant of Corona may have slowed service spending, but despite the highest inflation in decades, improved labor markets have supported consumption.
January increased in 8 out of 13 categories. Storeless retail sales increased 14.5% month-on-month. It recovered sharply from the decline in December last year. Automobiles increased by 5.7%. It was decreasing in December. Furniture growth was also noticeable in January.
Bloomberg economists Elena Schluyatieva and Andrew Hasby said, “While retail sales in January were very good, the downward revision for December last year was large. In the latest wave of new corona infections. It suggests that while consumers have been hit harder than expected, the recovery from it has been rapid. “
Impact on GDP
Sales of restaurants, the only service area in this statistic, fell 0.9%. It is highly possible that the effects of the new corona epidemic were reflected.
Excluding automobiles, retail sales were up 3.3%, exceeding all economists’ expectations. Core sales, excluding restaurants, car dealers, building materials stores and gas stations used to calculate gross domestic product (GDP), increased 4.8%, the same significant increase since March last year.
Before the announcement of statistics on this day, economists expected an annual increase of 1.7% in US GDP from January to March (first quarter), but it may be revised upward.
See the table for details on statistics.
Original title:U.S. Retail Sales Rise Most in 10 Months in Broad-Based Rebound（抜粋）
(Update with additional statistics details and economist views)
