Have Stimulus, Will Spend
Blowout retail sales in January show government relief checks are working as intended to prop up spending and bolster the economy.
It’s called stimulus for a reason.
Photographer: David Paul Morris/BloombergThe $600 stimulus checks that arrived in Americans’ bank accounts at the start of the year made for a resounding boom in shopping in January — and offered reasons for optimism about how the rest of 2021 will shape up for the retail industry.
The Commerce Department reported Wednesday that retail sales advanced 5.3% in January from December, a surge that far exceeded analysts’ expectations. Sales rose from a month earlier in virtually every category, including a 12% increase at home and furniture stores and a 2.4% rise at food and beverage sellers. Even beleaguered clothing chains recorded a 5% sales increase from December.