Following recent declines in U.S. retail sales, the Commerce Department released a report on Wednesday showing retail sales rebounded by much more than anticipated in the month of January.
The Commerce Department said retail sales spiked by 5.3 percent in January after sliding by a revised 1.0 percent in December.
Economists had expected retail sales to jump by 1.1 percent compared to the 0.7 percent decrease originally reported for the previous month.
Excluding sales by motor vehicle and parts retailers, retail sales soared by 5.9 percent in January after tumbling by a revised 1.8 percent in December.
Economists had expected ex-auto sales to increase by 1.0 percent compared to the 1.4 percent slump originally reported for the previous month.
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