New York (CNN Business) Retail sales increased sharply last month, the Commerce Department said Wednesday, beating economists' expectations and marking their first increase since September. Sales grew 5.3% in January from the prior month on a seasonally adjusted basis. That's the largest monthly increase since June, when the sector was rebounding from the spring's pandemic lockdown. The stark increase in January, which pushed sales to a fresh all-time high, "more than fully reverses the three-month drop through December," said Mike Englund, chief economist at Action Economics. December's data was also revised lower, to a 1% decline from an initial 0.7% drop.

Source: CNN February 17, 2021 13:39 UTC