US retail sales increased 5.3 percent during the month of January, Commerce Department data revealed on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 17th February, 2021) US retail sales increased 5.3 percent during the month of January, Commerce Department data revealed on Wednesday.
The data shows consumers in the United States increased spending beyond the expectations of some economists by using their last COVID-19 stimulus check provided by the Trump administration.
"Advance estimates of US retail and food services sales for January 2021, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $568.2 billion, an increase of 5.3 percent from the previous month," the Commerce Department's Bureau of the Census said in a statement.
Some economists surveyed by US media had anticipated a growth of 1.2 percent on the average for retail sales in January.
The Trump administration sent out $600 checks to most Americans toward the end of December as part of the $900 billion stimulus it managed to approve in Congress. Prior to sending those checks, most Americans received $1,200 each from a $2.2 trillion approved by Congress in March.
The Commerce Department data showed broad-based spending gains in January, with major categories of the economy showing increases on the month.
Electronics and appliances saw the biggest increase, up 14.7 percent for the month. Furniture and home furnishing stores were up 12 percent. Online spending at non-store retailers increased 11 percent. Food and drinks establishments, which suffered the worst during the coronavirus pandemic, saw a 6.9 percent increase.
