PITTSBURGH (KDKA) – A new economic report could pressure the Federal Reserve to raise interest rates again.
The U.S. Census Bureau said retail sales surged 3% in January.
That surpasses the 1.8% economists had estimated, and it follows a slight decline in December. The turnaround could have been helped by the strong labor market and post-holiday discounts, as well as good weather.
January retail sales were 6.4% higher than last year when the COVID-19 omicron variant was surging.
The Fed could raise interest rates again to cool demand.