Retail Sales Surged in January – By wagnerap (The Intellectualist) / Feb 17 2021
Consumers went on a spending spree in January and sent retail sales up 5.3 percent in January.
Consumers went on a spending spree in January and sent retail sales up 5.3 percent in January, according to CNBC.
Economists surveyed by Dow Jones expected a rise of 1.2 percent. Excluding the sale of automobiles, sales rose 5.9 percent. This massive surge in spending was largely driven by $600 stimulus checks the government distributed after the approval of $900 billion in the additional stimulus.
Many economists expected a slowdown in economic growth as the world continues to battle COVID-19.