U.S. retail sales jump 7.5% in June, but fresh coronavirus outbreak poses new hurdle
Source: Market Watch
By Jeffry Bartash
Rebound in retail sales could fizzle out if coronavirus isnt contained
The numbers: Sales at U.S. retailers posted a big increase in June for the second month in a row, but a surge in coronavirus cases thats led to more restrictions on business threatens to sap the momentum of the economic recovery.
Retail sales climbed 7.5% last month following a record 18.2% increase in May, the government said Thursday. Economists polled by MarketWatch had forecast a 5.4% increase.
Sales still havent returned to pre-crisis trends, however, after a huge drop in the first two months of the pandemic. The recent upturn could also stall if the virus continues to rage and more states reimpose restrictions on retailers and other businesses that rely on customers visiting their stores.
What happened: Sales jumped 8.2% at auto dealers, which have gotten a big boost from plunging interest rates. Car buyers with secure jobs and good incomes have been snapping up new vehicles to take advantage of low rates.
Read more: https://www.marketwatch.com/story/us-retail-sales-jump-75-in-june-but-fresh-coronavirus-outbreak-threatens-to-undercut-recovery-2020-07-16
bucolic_frolic
(42,680 posts)output down what? 9% isn't that what they said in UK the other day? So warehouses are emptying out, you know critical parts and popular items are not in stock, you can see it in the stores. When they finally decide to stock up, inflation is going to rip!
The Fed buys everything, it's controlled by the banks and Wall Street. Get another vaccine rumor going will ya? Market needs its weekly injection!
Roland99
(53,342 posts)kimbutgar
(20,882 posts)I was so thrilled to go back to stores reopening and I got my shop on and now I will go back to quarantine because the virus is muting and becoming more viral.
forgotmylogin
(7,496 posts)I know Amazon is horrible, but they have made it possible for me to acquire items without visiting big box stores every week. I just go to the local grocery and get bulk/unusual stuff delivered.