NEW YORK, June 16 — US retail sales likely experienced a record rise in May as 2.5 million Americans went back to work, although any rebound will retrace only a fraction of the historic drops in March and April amid the coronavirus lockdowns. The monthly report, due to be released by the Commerce...
A shopper is seen leaving a retail store as the phase one reopening of New York City continues June 9, 2020. — Reuters pic
The monthly report, due to be released by the Commerce Department today, is expected to show overall receipts at US retailers jumped 8.0 per cent last month, according to a Reuters poll of economists. That would exceed the previous record increase of 6.7 per cent in October 2001 as Americans resumed spending following what was then a record pullback in the aftermath of the September 11, 2001, attacks on the United States.
The US economy dropped into recession in February as the viral outbreak brought a record-long expansion to an abrupt end. Employment fell by about 22 million in March and April, but payrolls rose unexpectedly in May by just over 2.5 million, supporting the thesis that consumer spending may be recovering and that the worst of the downturn may have passed.
The likely sales rebound was probably led by strong auto sales as the relaxing of lockdowns across the country allowed car dealership showrooms to reopen. May's sales rate climbed above 12 million vehicles per year after dropping below 9 million in April, according to Wards Intelligence.
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.
New Zealand protesters take knee outside US consulate | Malay MailWELLINGTON, June 14 — Thousands of people took the knee outside the US consulate in Auckland today as New Zealanders demonstrated for a second week to support the Black Lives Matter movement and highlight local discrimination issues. As Michael Jackson’s “They Don’t Care About Us” played...
Read more »
Record spikes in new coronavirus cases, hospitalisations sweep parts of US | Malay MailWASHNGTON, June 15 —New coronavirus cases and hospitalisations in record numbers swept through more US states, including Florida and Texas, as most push ahead with reopening and President Donald Trump plans an indoor rally in Tulsa, Oklahoma. Alabama reported a record number of new cases for the...
Read more »
Philippines reports 539 new coronavirus cases, 14 new deaths | Malay MailMANILA, June 14 — The Philippines reported 539 more coronavirus infections today, bringing the total number of confirmed cases to 25,930. The Department of Health also recorded 14 additional fatalities related to the novel coronavirus, taking the death toll to 1,088. One duplicate case was...
Read more »
New Zealand reports first new virus cases in 25 days | Malay MailWELLINGTON, June 16 — New Zealand reported two cases of Covid-19 today, ending a three-and-a-half-week spell without any fresh infections, health authorities said. Both the new patients were recent arrivals from the United Kingdom, the health ministry said. “The ministry can confirm today two...
Read more »
Philippines reports 364 new coronavirus cases, 5 new deaths | Malay MailMANILA, June 16 — The Philippines’ health ministry reported 364 new coronavirus infections and five more deaths today, taking the total number of confirmed cases to 26,781 and fatalities to 1,103. The Department of Health (DOH) also said 301 more patients had recovered from COVID-19, bringing...
Read more »
New wave of Covid-19 cases from Beijing market spreads to Liaoning | Malay MailBEIJING, June 14 — After weeks with almost no new coronavirus infections, Beijing has recorded dozens of new cases in recent days, all linked to a major wholesale food market, raising concerns about a resurgence of the disease. There had been almost no new cases in the city for almost two months...
Read more »