Peter Smith
The Americans continued to spend money in August, but the growth rate is now slowing down. And now millions of people are leaving their jobs, having only $ 600 a week to manage their jobs.
Retail sales grew by 0.6% last month, the United States' fourth consecutive month of growth. The Department of Commerce reported that on Monday. In July, the growth was 0.9%.
The retail revenues have recovered after they plummeted in the spring as shops and malls have been forced to close to stop the spread of the coronavirus.
Ben Casselman analyzed the report and said that the values returned to pre-crisis figures. This may indicate a minor economic recovery. But this is only one side of the coin.
Total retail sales are up 1.9% from February's pre-pandemic level, a much faster rebound than expected. So no surprise to see the pace of gains slow. Ben Casselman @bencasselman via Twitter
A majority of these retailers have struggled in more than a century, some of them part of the American retail environment. Century 21 announced that after almost six decades of operation it shut down all 13 of its stores for good. Lord & Taylor has now been out of business for almost 200 years. Many other large stores pursued insurance from bankruptcy.
Just about one-third of total consumer spending is included in Wednesday's retail sales survey. The study does not provide analysis for haircuts, movie tickets and hotel stays. During the pandemic, all of these firms were battered.
The figures published on Wednesday also reflect the new reality for many Americans: they work from home or take lessons online rather than at school. Sales increased by 0.8% in electronic shops when people purchased computers and laptops. And sales increased by 2.1% last month in furniture stores.
Peter Smith
