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Economic News

United States: 2023 Has Come In like a Lion for Retailers and Manufacturers

February 15, 2023
Francis Généreux
Principal Economist

Retail sales jumped 3.0% in January following 1.1% declines in both November and December. Excluding motor vehicles and gasoline, sales were up 2.6%, the biggest monthly gain since March 2021. Industrial production was unchanged in January after two straight monthly declines. Manufacturing rose 1.0%. Today's strong retail and manufacturing numbers suggest the US economy remains amazingly resilient, but they're likely the result of temporary factors. We wouldn't be surprised to see weaker data in the coming months. That said, continued economic strength is a sign the Federal Reserve will need to keep tightening monetary policy.