US retail sales increased by 5.3% in January, marking the first monthly increase since September and the largest monthly increase since June. While every major category observed growth in January, electronics and appliance stores (up 15%), furniture and home stores (up 12%), and a category that includes e-commerce sales (up 11%) posted the largest gains.
More context: Every month, the Census Bureau releases a report measuring the change in retail sales (source). The report is widely used as a barometer for the health of the retail sector, which accounts for ~30% of annual GDP.
Extra: Prior to the coronavirus outbreak, the largest monthly increase on record was 6.7% (in 2001).
The New Paper
This story is from the February 17, 2021 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.
