Retail sales in the US bounced back strongly in January as jobs and wages grew and inflation eased, the National Retail Federation touted in a press release.

“Despite inflationary headwinds, January retail sales show the resiliency of consumers in how they manage their budgets and make decisions on how, when and where to spend their hard-earned dollars,” says NRF president and chief executive officer Matthew Shay. “Retailers understand the needs of consumers and have in place the people, processes, and technologies to meet consumers with the right inventory, competitive pricing and great experiences however consumers choose to shop.”

“Consumer spending clearly picked up after the holidays,” adds NRF chief economist Jack Kleinhenz. “Sales were helped along by job and wage growth, slightly lower inflation and unusually warm and dry weather that preceded February’s record cold. A large cost-of-living adjustment gave Social Security beneficiaries more money to spend, and many consumers were still drawing on savings built up during the pandemic. January made up for the softer pattern of spending in December that came after early shopping pulled holiday spending forward this past fall.”

The US Census Bureau revealed overall retail sales in January were up 3 percent from December and up 6.4 percent year-over-year. In December, sales were down 1.1 percent month-over-month but up 5.9 percent year-over-year. January’s results follow a 5.1 percent year-over-year increase in combined November-December holiday sales to $934.7 billion. Total 2022 retail sales as calculated by NRF grew 7 percent to $4.9 trillion.