Professionals believe that U.S. retail sales increased significantly in January due the recent round of $600 stimulus checks and expectations that additional checks will be issued.
Figures launched Wednesday by the U.S. Census Bureau reveal that retail sales soared by 5.3 percent for the month of January, significantly exceeding expectations. Sales had come by 1 percent in December. The new sales numbers were likewise 7.4 percent greater than those seen in January 2020, before the COVID-19 pandemic began to take a devastating toll on the economy. Economic experts think that more great news might be en route soon.
” We expected retail costs to increase in January thanks to the current round of stimulus checks and much better covid patterns, and it clearly did,” Jack Kleinhenz, chief economic expert for the National Retail Federation, said in a statement gotten by Newsweek “There was none of the falloff in costs that we often find post-holiday and the boost was even better than expected.”