In an amazing leap, America’s retail sales went up 3.8 percent in January alone. That was much higher than economists had expected. President Joe Biden has been racking up one economic record after another.
A Global Economist at the Economist Intelligence Matthew Sherwood released his Wednesday analysis, The Bloomberg News wrote:
‘US consumers have obviously shrugged off concerns about empty shelves and surging coronavirus cases, as revealed by today’s exceptionally strong retail sales figures. As in the case of the recent jobs numbers, the Omicron variant of covid-19 has barely registered an impact, at least in terms of employment and retail spending.’
As a result of Bloomberg’s findings, we learned:
- ‘America’s financial markets outperform the world by the largest margin in the 21st century
- ‘America’s economy improved more in Joe Biden’s first 12 months than any president during the past 50 years notwithstanding the contrary media narrative contributing to dour public opinion.
- ‘Exceptional returns from dollar-denominated assets, especially the S&P 500 Index in both absolute terms and relative to its global counterparts, can be attributed to record-low debt ratios enabling companies to reap the biggest profit margins since 1950.
- ‘Corporate America is booming due to the Biden administration’s COVID-19 vaccination programs.
- In addition, President Biden’s $1.9 trillion American Rescue Plan reduced the jobless rate to 4.2% in November from 6.2% in February.’
Economists had expected the Omicron variant to destroy January job growth in the retail sector. But consumers powered through the resurgent pandemic and high inflation, even as consumer prices rose 0.6 percent in January, according to Labor Department data released last week.
- Sales by nonstore retailers, including major online shopping websites, soared 14.5 percent higher in January, leading to all other categories. Nonstores also include direct selling, direct marketing, and automatic vending.
- Department store sales jumped 9.2 percent, furniture and home goods stores saw sales rise 7.2 percent, and auto dealers and parts stores saw a 5.7 percent increase in sales.
Majority Leader Steny Hoyer (D-MD) wrote on his The Majority Leader letterhead that President Biden along with Congressional Democrats added new policies that helped our recovery from the COVID-19 pandemic. He also added almost an astounding 500,000 jobs monthly. Each of the president’s data points was far better than economists had predicted.
Now all the Democrats have to do is educate Americans about the president’s remarkable achievements.
Three White Lions political book, now available on Amazon’s Kindle-Vella. She also writes for the liberal online newspaper The Bipartisan Report. Gloria Christie Report her newsletter for people on the go. Written in her own unique style with a twist of humor in a briefer version of Bipartisan Report. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery (in process). Find her here on Facebook.