US retail sales have surged for yet another month as consumers ramp up their spending. From December to January, retail sales jumped 3.8%, according to the US Census Bureau.
While there have been steady increases month-to-month, last month’s surge was the highest percentage in almost a year. Consumer spending remains fast-moving, even after stimulus money has faded.
Retail sales rose across multiple categories in January. Sales increased 3.6% at general merchandise stores, and 9.2% at department stores, Purchases at furniture and home furnishings stores rose 7.2%.
January’s report comes as major retailers release their Q4 financial standings – a notion that most of these reports will showcase similar numbers.
Trends show that job growth is steady, which means American pay rates are rising enough to drive a healthy pace of spending. Leasing activity for retail spaces has also grown significantly in the last month.
Source: US Census Bureau, US News – January Sales
Photo Credit: US News – January Sales