Retail Sales Rose 1.9% in September

Marco Green
October 16, 2020

Retail Sales in the US rose by 1.9% on a monthly basis in September to $549.3 billion, the data published by the US Census Bureau showed on Friday. And it added that total retail sales, from July through September rose 3.6% compared to the same period in 2019.

Retail sales have been recovering since plunging in the spring as stores and malls were ordered closed to help prevent the spread of the coronavirus.

The September sales increase is an improvement over 0.6% growth in August, the report noted.

"Retail trade sales were up 1.9% from August 2020, and 8.2% above a year ago".

Sales at non-store retailers, such as the e-commerce sites consumers relied to avoid the virus, were up 23.8 percent year-on-year.

Source Bulletproof Wealth Report
Source Bulletproof Wealth Report

Retail spending continued to grow in September led by a strong rebound in apparel. "A significant number of people remain unemployed, but more are going back to work and that makes them confident about spending". Electronics and appliance stores were the only major segment to post a decline.

But those provisions have expired and lawmakers have been unable to agree for months on another measure that could restore the support, raising fears Americans wary of economic conditions will stop spending. "In theory both things should dampen growth".

"The upcoming elections carry upside and downside risks for the economy, but a lapse in income support until 2021 would leave the U.S. consumer quite exposed during the fall and early winter". First, a large group of consumers saved their various stimulus payments and so there is a pool of money that is still trickling into retail and boosting spending.

Consumer spending makes up two-thirds of all US economic activity, and is watched closely to gauge the country's economic health. "The sales increases in earlier months may well depress sales as we move into November and December".

Other reports by Click Lancashire

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