Consumer Spending Jumps In January
Retail sales jumped 5.3% in January according to the latest data from the Census Burea (CB)
- The spending of $568.2 billion was up 7.4% when compared to January 2020
Nonstore retailers continue to soar with 22.1% growth in January 2021, but unlike in past months, retail trade sales were up as well with 5.1% growth from December 2020 and 10.8% above last year.
Individual industry numbers varied widely in the first month of 2021.
– The sectors with the most growth were the Sporting goods and hobby stores jumped 22%, building material & garden supplies were up 19%, and auto parts stores increased 13%
– The sectors with negative growth were restaurants down 16.6%, clothing stores were down 11.1%, and gas stations decreased 7.8%
Robert Rosener, senior U.S. economist at Morgan Stanley, told the Wall Street Journal, “It’s hard not to see a message here that the stimulus worked in January to support a turnaround after a decline in early winter,”