U.S. retail sales increased by the most in nearly two years in January after two straight monthly declines as Americans boosted purchases of motor vehicles and other goods, pointing to the economy's continued resilience despite higher borrowing costs.
"Every day the economy does not lose steam, the risks go up astronomically that the Fed will lose patience and make those recession forecasts a reality by jacking up rates too high," said Christopher Rupkey, chief economist at FWDBONDS in New York. "There's no roadmap for the central bank seeing data like this."
The drop in sales in the prior two months was blamed on the front-loading of holiday shopping, which economists said had not been fully adjusted for by the model that the government uses to strip out seasonal fluctuations from the data. There were also hefty increases in clothing stores sales as well as receipts at general merchandise and health and personal care stores. Sporting goods, hobby and musical instrument stores eked out a 0.2% gain, while building material and garden equipment supplier receipts climbed 0.3%.
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