The U.S. Census Bureau reported that retail sales jumped 7.5% in June, reaching $524.3 billion, up from the previous month, and well above the percentage recorded in the same period in 2019.
Sales more than doubled in clothing stores and rose 20% in food and beverage establishments, one of the sectors most affected by the pandemic.
Data provided by the bureau also shows increases in retail trade of 6.4%, noncommercial retailers of 23.5% since June 2019, and marketing of construction materials and gardening products of 17.3% over last year, showing a definite boost to the U.S. economy.
The change in retail sales measured is the main indicator of consumer spending, which represents most of the overall economic activity of the country.
A higher than expected reading should be taken as positive for the dollar, while a lower one is interpreted as negative.
In addition, U.S. consumers increased spending in stores and car dealerships in June for the second month in a row as stores across the country reopened, spurring employment growth and retail spending.
The Commerce Department said Thursday that retail sales in June—a measure of purchases in stores, restaurants, and online—rose 7.5% seasonally adjusted for the month, nearly normalizing to pre-pandemic levels, according to the July 16 Wall Street Journal.
This is despite the negative impact caused by the CCP (Chinese Communist Party) Virus pandemic that has forced many businesses to operate at limited capacity and others to cease operations altogether.
The Bureau of Labor Statistics (BLS) reported on July 2 that the unemployment rate in the United States fell from 13.3% in May to 11.1% due to the record 4.8 million jobs generated in June.
In turn, President Donald Trump considered this increase in jobs as spectacular news.
“Today’s announcement proves that our economy is roaring back” despite the pandemic, President Trump said.
“These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it” the BLS reported on the same occasion.