U.S. Retail Sales Smash Estimates
Retail sales increased more than expected in January, despite rising inflation. According to the Commerce Department, sales for the month rose by 3%, exceeding the expected rise of 1.9%.
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Shoppers Are Back
Although Americans spent more time and money shopping on Black Friday than they did the year before, certain figures indicate that they were also cautious with their spending as inflation put a strain on their wallets.
Consumer Spending Eases
In October, Americans curtailed their spending, and inflation subsided as the economy shifted gears from a vigorous third quarter, according to analysts.
China's Gradual Recovery
Official figures indicate that China's retail sales contracted by 0.2% in 2022, a stark contrast to the 8% growth recorded in 2019.