There has been another substantial increase in retail sales for the month of June. Retail sales have soared to 7.5% from the previous month, according to a press release from the US Census Bureau.
In May retail sales had also skyrocketed, reflecting a 18.2% increase. This resulted in the highest one-month increase for retail sales of all time. The jump in sales month-over-month reflects the success of reopenings after a previous shutdown due to COVID-19. These numbers serve as a positive message for the budding economic recovery throughout the US.
“When people feel safe about their health, there is a real desire to shop again,” said Michelle Meyer, head of U.S. economics at Bank of America, in an article by the NY Times.