NEW YORK (REUTERS) - US retail sales likely experienced a record rise in May as 2.5 million Americans went back to work, although any rebound will retrace only a fraction of the historic drops in March and April amid the coronavirus lockdowns.. Read more at straitstimes.com.
NEW YORK - US retail sales likely experienced a record rise in May as 2.5 million Americans went back to work, although any rebound will retrace only a fraction of the historic drops in March and April amid the coronavirus lockdowns.
While certainly an eye-catching bounce, it would retrace only about a quarter of the sales drop registered in the record back-to-back declines in the two previous months when widespread stay-at-home orders were imposed to stop the spread of Covid-19, the respiratory illness caused by the novel coronavirus. Sales in April fell 16.4 per cent after tumbling 8.3 per cent in March.
Employment fell by about 22 million in March and April, but payrolls rose unexpectedly in May by just over 2.5 million, supporting the thesis that consumer spending could be recovering and that the worst of the downturn might have passed. The likely sales rebound was probably led by strong auto sales as the relaxing of lockdowns across the country allowed car dealership showrooms to reopen. May's sales rate climbed above 12 million vehicles per year after dropping below 9 million in April, according to Wards Intelligence.
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