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Retail sales continue to rebound

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WASHINGTON — Retail sales continue to bounce back from the impact of the coronavirus pandemic, the National Retail Federation (NRF) said. Sales in July grew more slowly than in June, but the trend continued to be positive.

“Retail sales for July were another positive step in the right direction as our economy continues to slowly reopen,” NRF president and chief executive officer Matthew Shay said in a statement. “Americans are showing their continued resilience and willingness to spend in the face of this unprecedented pandemic, and government actions to date have clearly supported consumers and the economy in this process. Retailers all across the country have demonstrated that their stores and supply chains can be operated safely and effectively for associates and their customers by following established guidelines and protocols. We encourage Congress and elected leaders at all levels of government to enact policies that support consumers and keep the economy open.”

The U.S. Census Bureau said that overall retail sales during July were up 1.2%, seasonally adjusted from June, and up 2.7% year over year. That follows an 8.4% month-over-month increase in June. Retail sales have been climbing after a record monthly drop while most stores were closed in April.

“Retail sales are starting the third quarter on a solid footing, considering the nosedive we saw this spring, but we have to remember that there’s uncertainty about economic policy and that the resurgence of the virus is putting pressure on the fledgling recovery,” NRF chief economist Jack Kleinhenz said. “While households are spending, they are anxious about their health and economic well-being, so they are being pragmatic. The amount of uncertainty about forecasting is huge as we look toward the second half of the year, and what happens with the economy comes down to what the coronavirus allows us to do.”

NRF’s calculation of retail sales — which excludes automobile dealers, gasoline stations and restaurants in order to focus on core retail — showed July was up 1%, seasonally adjusted from June, and up 10% unadjusted year over year.


ECRM_06-01-22


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