January Retail Sales Rose 8.5%, Despite Headwinds, Says NRF
Despite concerns over inflation, international tensions, labor shortages and COVID-19 impacts, January retail sales grew 8.5% unadjusted year on year, said the National Retail Federation Wednesday. Electronics and appliance stores were down 3% unadjusted year on year; they rose 1.9%…
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month over month, it said. Retail sales -- excluding automobile dealers, gasoline stations and restaurants -- were up 4.7% seasonally adjusted from December, after a dip of 3.6% from November, said the trade group. NRF believes current growth trends and overall consumer financial health can continue, “and current pressures in the economy should be moderated if election-year political pressures don’t result in policy decisions that compound the challenges our economy is already facing,” said CEO Matthew Shay. Chief Economist Jack Kleinhenz noted forces weighing on consumer behavior in January including the omicron variant, rising inflation and the end of the enhanced child care tax credit at year-end: “Despite all that, consumers ramped up spending even after a record-breaking holiday season.”