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US Retail Sales Increase in July
Aug 16, 2020 10:00 AM
By Rapaport News
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RAPAPORT... US retail sales recorded their third consecutive rise in July, government data showed, as stores gradually resumed operations and devised ways of serving customers during the pandemic.
Revenues of $536 billion for the month were 1.2% higher than in June and 2.7% above July 2019, according to figures the US Census Bureau released Friday. Sales outside of retail locations — such as via e-commerce — increased 0.7% month on month, and jumped 25% year on year.
“Retail sales for July were another positive step in the right direction as our economy continues to slowly reopen,” said Matthew Shay, CEO of the National Retail Federation (NRF). Sales collapsed in April as the country entered lockdown, before improving in May and June.
Retailers across the US have managed to operate their stores and supply chains safely and effectively by following guidelines, Shay added. However, the coronavirus’s resurgence is putting pressure on the economic recovery, the NRF cautioned.
“While households are spending, they are anxious about their health and economic well-being, so they are being pragmatic,” noted Jack Kleinhenz, the federation’s chief economist.
Image: Consumer with shopping bags. (Shutterstock)
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Tags:
Coronavirus, COVID-19, Jack Kleinhenz, Matthew Shay, National Retail Federation, NRF, Rapaport News, retail, US, US Census Bureau
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