Research Brief: Retail Sales – September 2020

Consumer spending growth normalizes in August. Retail sales from the U.S. Census provides a glimpse into the pace of an economic expansion without additional support from the legis-lative branch. Much of the stimulus provided by the CARES Act culminated at the end of July and executive action to extend un-employment benefits did not take effect until late August or early September. Even without broad federal support, retail sales still increased 0.6 percent last month to a new high. Renewed unem-ployment benefits that reached accounts in September could prop up national retail sales this month, though that support is unlikely to carry into the fourth quarter.

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