August Retail Sales Indicate The Recovery Is Intact
Published Friday, September 17, 2021 at: 7:03 PM EDT
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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This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation. Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.
This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.
Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.
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