Retail sales surge 3% at start of 2023 in clear sign the economy is still growing
Retail sales are a big part of consumer spending and offer clues about the strength of the economy. Sales had been forecast to rise 1.9%, based on a Wall Street Journal poll of economists.Retail sales are a big part of consumer spending and offer clues about the strength of the economy. Sales had been forecast to rise 1.9%, based on a Wall Street Journal poll of economists.
At the same time, though, it could ramp up pressure on the Federal Reserve to keep raising interest rates to try to tame inflation. Strong economic growth tends to add to inflation presssures. One category economists watch closely is bars and restaurants, the only service sector in the retail report. Restaurant sales soared 7.2% last month after falling slightly in the last two months of 2022.
Why is this? Rising interest rates tend to weaken the economy by depressing consumer spending and business investment.
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