American Shoppers
Exceed January Expectations , Despite Increasing Prices.
CNN reports that as the pandemic economy
has saddled the United States with rampant inflation, Americans have continued to shop.
Per the U.S. Census Bureau, retail sales in
the United States rose by 3.8% in January.
The seasonal swing in sales is 2% more
than economists had anticipated, as total sales reached $649.8 billion to begin 2022.
According to CNN, consumer prices rose in January to highs not seen in four decades.
Economists' hopeful expectations see prices trending downward, but it's too early to tell.
Still, Americans continue spending
their hard-earned money despite
the tumultuous market.
Consumers say they are worried about inflation,
but they continue to spend. , Gus Faucher, PNC chief economist, via CNN.
Retail sales in recent
months have been increasing much faster than prices, , Gus Faucher, PNC chief economist, via CNN.
... so households are purchasing larger volumes of goods and services, not just paying higher prices. , Gus Faucher, PNC chief economist, via CNN.
Experts say the U.S. economy needs a healthy dose of consumer spending to grow.
Still, it remains unclear how much
longer consumers will accept such
inflated prices for everyday items