US Retail Sales Post Biggest Gain in Nearly 2 Years

US Retail Sales Post Biggest Gain in Nearly 2 Years
A shopping cart is filled with a television during a sales event on Thanksgiving day at Target in Westbury, N.Y., on Nov. 28, 2019. Shannon Stapleton/Reuters
Reuters
Updated:
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WASHINGTON—U.S. retail sales increased by the most in nearly two years in January after two straight monthly declines as Americans boosted purchases of motor vehicles and other goods, pointing to the economy’s continued resilience despite higher borrowing costs.

Coming on the heels of news on Tuesday that monthly inflation picked up in January, signs of strength in consumer spending could fuel financial market speculation that the Federal Reserve could continue raising interest rates through summer to cool domestic demand.