Super Spending

January retail sales jumped a smoking 5.3% M-o-M and arrested a surprising three-month decline. This was the biggest increase since June’s 8% rise when the economy was exiting lockdown, and the fourth largest bounce since at least 1992. Spending rose in all categories including bars and restaurants! This suggests 21Q1 should be pretty good, and that consumers were confident enough to spend their stimulus checks, unlike last March. Go shopping!

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