Jamie RobinsonU.S. Retail Sales Rebound in June
Retail sales grew by 7.5% in June, after popping more than 18% in May - signs economic recovery is beginning.
Retail sales at auto dealerships, led the growth in June.
Consumers also increased spending on furniture, electronics, clothing, appliances & restaurants/bars.
Online retail sales fell 2.4% as consumers took advantage of the reopening of physical stores.
Last week - 1.3M people filed for unemployment benefits. This is slightly less than last week's number but is still well above-average; a sign the economic recovery may be stalling.
Meanwhile, J. Crew, Neiman Marcus, JCPenney, Aldo, True Religion, John Varvatos, GNC, Muji and Brooks Brothers, among others, have all filed for Chapter 11 in recent months.
Texas & California have ordered bars & restaurants to close again while NYC began lifting restrictions after experiencing its first day without a Covid death in four months.
