Money by Got Credit, licensed under CC BY 2.0
Americans looked to be ready to spend again in January with retail sales increasing by 3.8% compared to December 2021, the Commerce Department reported on Wednesday. The hike in spending appears to be driven by wage increases, strong hiring, and increased savings, indicating that many consumers remain unconcerned about high inflation rates. The robust January report comes ahead of the announcement of major retailers like Walmart’s fiscal fourth-quarter financial results.
