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US retail activity dampened

Friday, August 14, 2020

US retail sales rose 1.2% in the month of July – a more muted rate of growth compared to the rebound seen in June when it recorded a now revised positive 8.4%. This July retail sales report was lower than estimated and ignoring the outlier months to the downside of March & April (and the mirror image bounce back months of May and June), July’s print would have in any normal pre-Covid month been a reasonable outcome. No doubt the re-emergence of case numbers has dampened consumer optimism and this no doubt has dampened retail activity during the month.  

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