Retail Sales Jumped 3% in January , Despite Inflation.
The Commerce Department revealed the data on Feb.
15.
January retail sales sored by 3%, far exceeding economists' expectations of 1.8%.
CNN reports that retail sales haven't increased by that much in nearly two years.
.
Department stores saw increased sales of 17.5%, food and drink services had a 7.2% bump.
Department stores saw increased sales of 17.5%, food and drink services had a 7.2% bump.
And auto dealers saw sales grow by 6.4%.
The January report indicates that consumers keep shopping despite dramatic price increases brought on by inflation.
What we’ve seen is a lot of resilience among consumers.
Generally, Americans overall have done a pretty good job of managing through some challenging times, Matt Schulz, chief credit analyst for LendingTree, via CNN.
However, the January report in combination with increased hiring will likely prompt the Federal Reserve to implement more rate hikes.
The economy remains strong, unemployment is low, and that is what is going to keep inflation elevated.
, Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, via CNN.
The Fed is going to need to raise rates higher — and hold them higher for longer — than people currently expect, , Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, via CNN.
... and this is going to cause markets to go through some significant volatility as stock and bond markets are priced for benign scenarios and not the more difficult one that we are headed towards, Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, via CNN
