Research Brief: Retail Sales – July 2020
Reopening boosts consumption last month. Consumer spending
posted impressive gains for a second consecutive month as states
greenlighted a wider range of businesses to resume operations.
Total retail sales advanced 7.5 percent last month, building on an
18.2 percent climb in May. The increase pushed year-over-year
gains into positive territory, though sales sit well below pre-health
crisis levels. In addition to greater access to both service-based
and traditional retailers, the magnitude of stimulus pumped into
the economy by the Fed and Congress contributed to the rise.