US' retail sales increase despite inflation, omicron in January: NRF
21 Feb 22 2 min read
NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed January was up 4.7 per cent seasonally adjusted from December and up 8.5 per cent unadjusted year-over-year. In December, sales were down 3.6 per cent month-over-month but up 13 per cent year-over-year. NRF’s numbers were up 12.5 per cent unadjusted year-over-year on a three-month moving average as of January.
January’s results follow a 14.1 per cent year-over-year increase in retail sales as calculated by NRF during the November-December 2021 holiday season. Both the rate of growth and the $886.7 billion spent during the holidays were new records despite the pandemic and other factors, NRF said in the report.
The US Census Bureau said overall retail sales in January were up 3.8 per cent seasonally adjusted from December and up 13 per cent year-over-year. By comparison, December sales were down 2.5 per cent from November but up 16.7 per cent year-over-year. Despite occasional month-over-month declines, sales have grown year-over-year every month since June 2020, according to Census data.
“January’s numbers show that 2022 is starting very strong for consumers and retailers, especially on the heels of a record holiday season and record sales in 2021,” NRF president and CEO Matthew Shay said. “While the year ahead has challenges with inflationary pressures, labour shortages, COVID-19 impacts and uncertainty related to international tensions in Russia and China, today’s numbers show that despite these concerns, consumers are spending, and the economy remains in good shape.”
Fibre2Fashion News Desk (KD)
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