US retail sales up 3%

 

U.S. retail sales were up 3% in January, the biggest monthly jump since March 2021.  After declines in the two previous months, January's retail numbers add to other data suggesting that the U.S. economy is picking up speed. Retail sales for dining out rose by 7% in January, from a month earlier. Spending on cars and auto parts jumped nearly 6%, while furniture sales rose 4%. Bank of America said that household payments using credit and debit cards rose 5.1% annually in January, compared to the 2.2% annual growth seen in December. Social Security payments increased by 8.7% in January, the largest inflation adjustment in decades for the roughly ~70 million people receiving the checks.  The Consumer Price Index rose 6.4% in the 12 months to January, slowing slightly from the 6.5% annual inflation rate seen in December. The Commerce Department will release more comprehensive consumer spending data for January later this month.