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U.S. retail sales jump 5.3% in January

Christian Fernsby |
U.S. retail sales beat market expectations and soared 5.3% in January due to personal stimulus checks, according to figures released by the Census Bureau.

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Topics: U.S.   

Analysts expected a 1.1% increase, while the percentage change for December was revised from a 0.7% decline to a 1% fall.

In January, retail sales increased 7.4% from the same month last year, totaling $568.2 billion, largely due to stimulus checks.

After the US Congress approved a $900 billion coronavirus relief package in December, millions of Americans started receiving $600 stimulus checks in early January.

While electronics and appliance stores saw a 14.7% increase in sales during January, compared to December, furniture store sales rose 12%, and department store sales jumped 23.5%.

Retail sales could further increase in coming months if President Joe Biden's $1.9 trillion relief package, which includes $1,400 direct payment to Americans, passes Congress.

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