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Flaming Hot Retail Sales May Rekindle Overheat Worries
Retail sales in the US were sharply higher in January, closely-watched data out Wednesday showed.
The headline print, a 5.3% gain, was well ahead of even the most optimistic guess from more than five-dozen economists. The range was 0% to 4.1%. January's headline counts among the five largest monthly gains in history. Two of the other top five came last year as the economy emerged from the initial lockdowns.
This comes as a relief. Retail sales disappointed in December and a downward revision
Pulling all of the good news forward here?
Outside of travel, what’s left? Massive hiring?
Online is 11% of retail sales, expected to grow to 15% share in 2021, so it is a fast growing but small share. This retail sales number seems incongruous with the Redbook y/y which is plunging. Not sure what to make of this connundrum
Isn’t is as simple as: people get stimulus check, people spend stimulus check… Am I missing something.