Wednesday, November 18, 2020

Retail Sales - The American Economy To 'Skyrocket' To A Question Mark?

 US retail sales of the United States recorded an increase but the performance was a little less encouraging as the amount of U.S. retail sales was lower than expected in October and growth may be slower.

The increase in the Covid-19 outbreak and the decline in household income caused by unemployment without support has hindered the growth of retail sales.

Retail sales posted an increase of 0.3% as reported by the Trading Office on Tuesday. Initially assessed data for September showed that the volume of volume had only increased by 1.6% compared to 1.9% previously. Economists have predicted that retail sales will increase by 0.5% in October.

However, some analysts argue that retail sales will be impressed in November due to the surge in Covid-19 cases. Since recently, the daily cases of Covid-19 have exceeded 100,000 since the beginning of this month so that the number of outbreaks in the United States has exceeded 11 million. Several domestic and local kingdoms have adopted new barriers to curb pandemic contagion.

Barriers have been imposed on overcrowded places such as restaurants and could indirectly lead to a reduction in workers. In addition, royal assistance extended to those who are unemployed and in need will end at the end of December.

Economists expect modest growth in retail sales for this time of year. Economists also predict that growth for the fourth term will be below the 5% annual rate.