U.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.

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