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U.S. Retail Sales Slowed Pace In October November 18, 2020 (0 comments)
New York, NY—U.S. retail sales in October rose at the slowest pace since the spring, another warning sign that the nation’s economic recovery is losing steam as coronavirus cases surge nationwide. Sales rose a seasonally-adjusted 0.3%, well below September’s 1.6% gain, says a Tuesday Wall Street Journal article. The article also says consumer-spending data from private companies suggests shoppers also turned more cautious this month too, as the October jump in virus cases accelerated in November.
From the Journal:
“We’re going into a difficult winter,” said James Sweeney, chief economist at Credit Suisse, pointing to rising Covid-19 infections, new local business restrictions and dimming prospects for a fresh government relief package this year.
Slowing payroll gains and waning government assistance mean “however you cut it, we should have weaker consumer spending over the next quarter or two than we had this summer,” Mr. Sweeney said.”
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