Hi Welcome You can highlight texts in any article and it becomes audio news that you can hear
  • Tue. Nov 5th, 2024

May flowers: Where the U.S. retail blooms are and are not

Byindianadmin

Jun 17, 2020 #blooms, #retail
May flowers: Where the U.S. retail blooms are and are not

(Reuters) – No denying May’s $73 billion rebound in U.S. retail sales was an eye-popper and is the latest fodder to fuel the red-hot “V” vs “U” debate about what kind of recovery to expect from the COVID-19 recession.

FILE PHOTO: A shopkeeper hangs beads in his retail store as the phase one reopening of New York City continues during the outbreak of the coronavirus disease (COVID-19) in the Brooklyn borough of New York City, New York, U.S. June 9, 2020. REUTERS/Shannon Stapleton

Even Federal Reserve Chair Jerome Powell, who has taken pains lately to caution everyone that this is likely to be a fitful and for many a painful recovery, called Tuesday’s retail sales report from the Commerce Department an encouraging sign.

But, to be clear, while the rebound was strong overall, sales remain 8% below where they were in February, and many corners of retail are miles shy of where they were just three months ago when coast-to-coast stay-at-home orders brought many businesses to a full standstill.

(GRAPHIC – G

Read More

Click to listen highlighted text!