US retail sales surged in January by the most in seven months, beating all estimates and suggesting fresh stimulus checks helped spur a rebound in household demand following a weak fourth quarter. The value of overall sales increased 5.3% from the prior month after a 1% decline in December, Commerce Department figures showed yesterday. It was the first monthly gain since September and all major categories showed sharp advances. Ahead of the report, the median estimate in a Bloomberg survey of economists called for a 1.1% monthly gain in retail sales. A surge in Covid-19 cases curbed spending at year-end, but since then, virus cases have ebbed and states have started to ease some restriction
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