WASHINGTON (dpa-AFX) - Retail sales have largely recovered from the COVID-19 pandemic as the holiday season nears. However, the sudden spike in coronavirus cases threatens to affect retailers again.
'Strong growth in retail sales during the last few months points to the resiliency of consumers even in this disruptive pandemic environment,' said National Retail Federation Chief Economist Jack Kleinhenz. 'Taking in all the evidence available, the U.S. economic recovery has progressed more quickly than generally expected.'
According to retail sales report released by U.S. Department of Commerce, monthly retail sales hit $549.3 billion, up 1.9 percent in September, the biggest spike in three months, and the fifth month of increases.
Household spending on retail goods has helped bring back overall consumer spending, which was down 16.1 percent year-over-year in April but only 1.9 percent as of August, according to the Commerce Department.
Kleinhenz agreed with Federal Reserve Chairman Jerome Powell's recent call for additional federal stimulus.
'While there might be sufficient momentum and resiliency to propel the economy in the months ahead, additional fiscal policy support is critical to ensure that the recovery doesn't stall,' Kleinhenz said.
Copyright RTT News/dpa-AFX
© 2020 AFX News
