U.S. retail sales rise less than forecast in July
The numbers: Sales at U.S. retailers rose modestly in July and returned to precrisis levels, but growth has tapered off since the economy reopened and could soften again in the months ahead in the absence of another major federal-relief package.
Retailers have been on a rollercoaster ride since the pandemic began, sinking in March and April and recovering rapidly in the following two months as the economy reopened.The spike in coronavirus cases this summer sapped the economy of momentum, delayed the return of people to their jobs and in some cases spurred more layoffs. At the same time, a $600 federal unemployment benefit expired and Washington is deadlocked over another major financial-rescue package for the economy.
What’s more, recent evidence from OpenTable, the restaurant-booking site, suggest diners began to return again in August.Internet-store receipts rose a meager 0.7%, however, after declining in June. Internet shopping had soared during the pandemic, but it’s possible that flat sales in the past two months is a sign people are buying more products at brick-and-mortar stores.
Sales also declined at home centers and businesses that sell books, sporting goods and other hobby items.Big picture: The amount of money being spent at retailers is back to precrisis levels owing to massive federal stimulus. Sales in July were 2.7% higher compared to the same month a year ago.
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