Economics
Lingering Economic Pain Lurks Behind U.S. Retail-Sales Recovery
- Beneath headline numbers, big shifts in composition of sales
- Further gains threatened by stalemate over additional stimulus
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On the surface the rebound in U.S. retail sales is a V-shaped recovery, but the overall figure obscures lingering economic pain across many of America’s businesses.
After a third straight monthly increase, albeit a weaker gain than expected, the total value of U.S. retail sales has rebounded above pre-pandemic levels. But the composition of spending looks substantially different than it did at the start of the year. Gains in online sales and at grocery stores mask the fact that certain sectors -- like restaurants and bars and clothing outlets -- are far from fully recovered.