A spike in COVID-19 over 40 states has prompted renewed business closures.
Americans cracked open their wallets more than expected in June, as shoppers began venturing out to malls and diners returned to restaurants. But with a staggering 32 million workers still jobless and the spread of COVID-19 prompting renewed business closures and lockdowns, this shift towards normalcy might be fleeting.
Across the United States, retail sales rose by 7.5 percent in June, better than economists had predicted but still a long way from normal, said Camilla Yanushevsky, equity analyst at CFRA Research. Story continuesThis uneven recovery, with waves of demand and supply chain disruptions, have proven to be a source of frustration for shoppers like Jane Coloccia, who has been trying to buy a new dining room table — since April.
Bauer said the collapse of international tourism and the flight of his Upper East Side clientele to second homes in the Hamptons or upstate New York had driven sales down by as much as 90 percent. Although he said online sales have grown, it isn’t nearly enough to fill the gap. “We’re definitely hemorrhaging badly.”
Another bright spot is e-commerce, which is up a whopping 23.5 percent on an annualized basis. Although the category actually ticked down in June as more brick-and-mortar stores reopened, analysts say it’s reasonable to expect online sales to boom again if stores are mandated to close or if shoppers are too afraid to visit them.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Florida Closes COVID-19 Response Center Following Its Own COVID OutbreakFlorida's pandemic response center temporarily closed its physical operation on Thursday after 13 staffers reportedly tested positive for the coronavirus
Read more »
LSU's Ed Orgeron Says America Needs Football During COVID-19 PandemicLSU head coach Ed Orgeron is making it crystal clear he wants the football season to happen despite the global pandemic ... telling Vice President Mike Pence he's ready to kick things off in the fall.
Read more »
Oklahoma Governor Tests Positive For COVID-19Gov. Kevin Stitt is the first governor known to have tested positive for the virus. Oklahoma saw its largest one-day increase of cases on Wednesday.
Read more »
Most Americans would not sue over COVID-19 exposure: pollMost Americans would not sue their employer or other businesses if they were exposed to COVID-19, according to a new Yahoo Finance-Harris poll.
Read more »