Retail sales last month grew at a weaker pace than gains in May and June, when sales of big-ticket items helped fuel spending.
July retail sales climbed a weaker-than expected 1.2% to $536.0 billion, from June’s revised $529.4 billion, the Census Bureau said Friday, as coronavirus cases surged, with the drop coming even before unemployed Americans lost a $600 weekly stipend from the federal government.... [+]AFP via Getty ImagesSales were up 2.
Between May, when some areas were still in lock-down, and June sales jumped by 7.5%, the Census Bureau said. The monthly sales tally from the Census Bureau is closely watched because retail spending accounts for a large portion of the nation’s GPD.“This month’s numbers demonstrate that the rate of month over month recovery among higher income individuals declined 87% in general merchandise stores,” said Jonathan Silver, CEO of Affinity Solutions, a global marketing firm..
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