U.S. Retail Sales Rose 3% in January, Sharply Rebounding As Job Growth Accelerated and Inflation Cooled Slightly

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U.S. Retail Sales Rose 3% in January, Sharply Rebounding As Job Growth Accelerated and Inflation Cooled Slightly

The Wall Street Journal2023-02-15

U.S. retail sales rose 3% January, sharply rebounding as job growth accelerated and inflation cooled slightly at the start of the year.Inflation, rising borrowing costs and uncertainty about the ...

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AlanChong
·2023-02-16
Ok
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Yang Sheng
·2023-02-16
hi
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Yang Sheng
·2023-02-16
hi
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NPC69
·2023-02-15
K
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HappyPants88
·2023-02-15
Nice
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All in Tesla
·2023-02-15
That's good news
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  Up tesla moon
  2023-02-16
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But the unexpectedly strong jobs report in January and still solid wage gains bode well for more recent consumer spending, economists said. Some of them thinkeconomic growth could be picking up.Employers added more than half a million jobs in January and the unemployment rate reached a 53-year low, the Labor Department said earlier this month.The consumer-price index climbed 6.4% in January from a year earlier, edging down from 6.5% in December but still well above the Federal Reserve’s 2% inflation target. The Fed hasraised interest rates aggressivelysince last March to slow the economy and bring down inflation.“Consumers are in pretty decent shape,” saidJoel Naroff, president of Naroff Economics LLC. “When people are comfortable in their job situation, that translates into consumer spending.”Economists surveyed by The Wall Street Journal estimated that retail sales rose 1.9% in January from the prior month after adjusting for typical seasonal patterns, following a1.1% drop in Decemberfrom November. They estimated that auto sales accounted for half of the expected January increase.The number of seasonally adjusted vehicle sales increased in January, the Commerce Department said earlier this month.Bank of Americasaid payments per household by its debit- and credit-card customers rose 5.1% in January compared with the year before, up from a 2.2% increase in December.Timothy Boyle, chief executive of winter apparel makerColumbia SportswearCo., said his company is benefiting from people wearing more casual clothing in the office and at remote jobs.“Consumers are certainly ready and able to spend on products that they want,” he said. “People who felt uncomfortable going to a store now feel more comfortable doing so.”Social Security checksalso increased 8.7% at the start of the year, the largest inflation-adjustment in decades, which helped the roughly 70 million recipients.The retail sales report also details the extent to which consumers are spending at bars and restaurants.Jay Rosensweig, who runsspeed dating eventsaround Long Island, N.Y., said it has become more difficult to book restaurants on Saturday evenings because more people are dining out as the pandemic fades. The owner of Weekenddating.com said he has done more afternoon events instead.“Restaurants have picked up,” he said. “It’s harder for me to get places.”Inflation can have a mixed impact on spending as rising prices push up sales figures, though eventually consumers might start cutting back. Unlike many government reports, retail sales aren’t adjusted for inflation and reflect price differences as well as purchase amounts.The retail-sales report is only a partial picture of spending as it doesn’t include many services such as travel, housing and utilities. The Commerce Department will release its monthly report that includesmore complete spending figureslater this 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