August Retail Sales Indicate The Recovery Is Intact
Retail sales for the 12 months through August rose 14.9%. According to the U.S. Census Bureau, retail sales totaled $618.7 billion in August, a seven-tenths of 1% jump from July. Back-to-school shopping explained the uptick from July.
Retail sales are an important component of consumer spending, which accounts for 70% of total U.S. economic growth. The report indicates that the recovery is intact, at a time when the Delta Variant is raising fears about the economy’s momentum.
The Standard & Poor’s 500 stock index closed this Friday at 4,432.99, losing -0.91% from Thursday and -0.57% from last week’s closing price. The index is up +65.83% from the March 23, 2020, Covid-induced bear market low.
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