when the economy slumps and teeters on the brink of a recession one of the first things americans do is cancel dinner reservations but consumers aren’t doing that right now sales at bars and restaurants jumped 72 in january to mark the biggest increase in 22 months receipts were also up 25 in the past year about four times the rate of inflation in the same span demand remained quite high according to opentable a dinnerreservation technology company under booking holdings inc bkng umbrella the increase in restaurant sales came after a pair of small declines in the final two months of 2022 suggesting the us economy may still be growing at a solid pace despite rising interest rates orchestrated by the federal reserve to tame high inflation part of the recent surge could be attributed to americans’ desire to get out more after being cooped up during the covid19 pandemic eventually this pentup demand will be sated economists say oxford economics called a big 3 increase in overall retail sales in january a “shortlived pop” read next the hangover energy crisis has left britain’s pubs feeling hammered entering the new year most wall street djia economists predicted a sharp slowdown in the us economy they cited higher borrowing costs which tend to depress consumer spending the main engine of growth “we continue to expect a recession later this year” oxford economics lead us economist oren klachkin said in a note to clients other economists contended the surprisingly sharp increase in retail sales in january was exaggerated by the government’s formula for adjusting the numbers for seasonal swings that has happened a lot since the pandemic “the data point to solid but not surging goods demand” bank of america said still the strong desire of americans to dine out or order takeout suggested the economy has some staying power most americans who want a job can find one for one thing the nation’s unemployment rate fell last month to a 54year low of 34 reflecting a tight labor market in which wages are rising at the fastest pace in decades at the same time inflation has begun to slow offering americans some financial relief gas prices for example have retreated from a record 5 a gallon last summer to just a little above 3 based on the average national cost of regular fuel in some places gas prices have even dropped below 3 whatever the case don’t expect a repeat of january’s increase in sales restaurant receipts rose an average of 05 a month in the decade before the pandemic