U.S. retail sales rise less than expected in July

U.S. retail sales rise less than expected in July

U.S. retail sales in July increased less than expected and could slow further in the months because of spiraling new COVID-19 infections and a reduction in unemployment benefit checks, Trend reports with reference to Reuters.

Retail sales rose 1.2% last month after advancing 8.4% in June, the Commerce Department said on Friday. Economists polled by Reuters had forecast retail sales rising 1.9% in July. The strong retail sales are now mostly history.

Coronavirus infections continue to spread across the United States, forcing authorities in some of the hot-spots to either shut down businesses again or pause reopenings. The respiratory illness has left consumers wary of visiting places like restaurants and shopping malls, cutting into spending.

Tens of millions of unemployed people lost a $600 weekly jobless benefits supplement at the end of July, which had accounted for 20% of personal income, helping with the buying of food and paying of bills. President Donald Trump on Saturday signed a bunch of executive orders, including extending the supplement, though he reduced the weekly payout to $400.

But states, who are required to cover $100 of the benefits under the order, are themselves under immense financial pressure caused by the pandemic. The remaining $300 will be funded from a limited emergency disaster relief program, which economists estimated could be depleted as early as September.

Economists saw little boost to spending from the other executive orders suspending the collection of payroll taxes for a group of workers, stopping evictions from rental housing that has federal financial backing and extending zero percent interest on federally financed student loans.

Republicans and Democrats are bickering over new aid for the economy even as signs mount that activity is stalling.

Job growth slowed significantly in July and at least 31.3 million people are on unemployment benefits. The economy, which entered recession in February, suffered its biggest blow since the Great Depression in the second quarter, with gross domestic product dropping at its steepest pace in at least 73 years.

About 28.3 million are on unemployment benefits.

Subscribe to Trend in Google News! Subscribe
Kazakhstan unveils trade indicators with top largest CIS partners
Kazakhstan unveils trade indicators with top largest CIS partners
Uzbekistan shares COVID-19 data for November 18
Uzbekistan shares COVID-19 data for November 18
Russian special operations forces to hold drills in Tajikistan in November
Russian special operations forces to hold drills in Tajikistan in November
Loading Bars
Latest
Finalists in acrobatic jumping among men named at 28th FIG World Age Group Competitions in Baku
Azerbaijani gymnast Seljan Mahsudova reaches finals of World Age Group competition
Kazakhstani Astana- Motors to produce Hyundai cars in Uzbekistan
Iran reveals COVID-19 data for November 27
Finalists in acrobatic jumping among women announced at 28th FIG World Age Group Competitions in Baku
Novavax developing vaccine that targets new COVID-19 variant
Eni sells some stakes to Snam
28th FIG Trampoline Gymnastics World Age Group Competitions underway in Baku (PHOTOS)
Azerbaijan reveals financing of pensions, benefits for 9M2021
Turkish company to organize cotton-textile cluster in Uzbekistan
Finalists in double mini-trampoline among women announced at 28th FIG World Age Group Competitions in Baku
Georgia’s imports from Turkmenistan triple
Coach set goal to enter top three in individual trampoline jumping - Russian gymnast
Uzbek National Bank to issue its bonds on Russian Exchange
33,946 new Covid cases registered in Russia in 24 hours
Georgia to replace damaged buildings – Mayor of Tbilisi
Meeting in Sochi - new step towards sustainable peace in South Caucasus - Turkey's presidential administration
Turkey's cargo traffic via its Gulluk port for 9M2021 revealed
GUAM shares reviews of results of Georgia's presidency
Uzbekistan to sell shares of its two banks to Russian banks
EBRD to support green innovation in Uzbekistan
Turkmenistan's On Dogan to scale up production of vegetables, melons
Turkey shares data on cargo shipment via its ports from Greece for 9M2021
Azerbaijan limits import of poultry products from number of countries
Number of flights from Iran’s Shahid Beheshti International Airport soars
Turkey discloses volume of cargo shipment via its from ports from Italy for 9M2021
Iran resumes activity of several enterprises in Sistan and Baluchestan Province
Azerbaijan’s Nakhchivan notes increase in agricultural production for 10M2021
Relations between Baku, Moscow experience highest dev’t stage in history of Azerbaijan's independence – experts
Sri Lanka bans travellers from 6 African nations due to Omicron COVID variant
We feel very comfortable in National Gymnastics Arena in Baku - Israeli athletes
Weekly review of key events in Azerbaijan's ICT sector
Weekly review of main events in Azerbaijan's transport sector
Uzbekistan reveals leading banks without state share in terms of volume of deposits
Number of people hospitalized after Listvyazhnaya mine explosion grows to 58
Weekly review of Azerbaijani precious metals market
Georgia reveals top exported goods to China
Performing at National Gymnastics Arena in Baku is unbelievably cool - Kazakh athlete
Iran’s NICICO records increase in sales
Weekly review of Azerbaijani currency market
Azerbaijan notes growth in total liabilities of banks in 10M2021
Several hydrological points to be installed on rivers in Azerbaijan’s liberated territories – ministry
Iran’s Saipa Company increases auto manufacturing
Georgia releases COVID-19 data for November 27
Uzbekistan names leading state-owned banks in terms of volume of deposits
Georgia, EU to enhance co-op in foreign policy, security
Iran to reconsider guaranteed price for wheat purchase
Iran sees increases in exports
Iran, Afghanistan to improve trade
Third day of 28th FIG Trampoline Gymnastics World Age Group Competition kicks off in Baku (PHOTO)
Turkey shares data on cargo shipment via its ports from Spain for 9M2021
Methane outburst is viewed as likely cause behind deadly blast at Listvyazhnaya coalmine
Turkey shares data on vehicles shipments between its Cesme, Greek Chios ports
Weekly review of Azerbaijan's oil & gas sector
Iran's PBO talks reduced inflation rate
Iranian startups to make their first initial public offering - Farabourse
Iran's solar power plants generate half of renewable energies - SATBA
Iran eyes developing national space industry
Azerbaijan once again achieves its goals at meeting in Russia’s Sochi - experts
Uzbekistan shares updated COVID-19 data
New World Order and India
Iranian currency rates for November 27
Azerbaijani oil prices decrease
Azerbaijan sees decrease in number of users per payment terminal in 10M2021
Iran, France to improve economic ties
Turkey reveals volume of vehicles shipments between its Yalova, Italian Bari ports
Georgia-China trade turnover up
Kazakhstan’s Ekibastuz GRES-2 power station opens tender to buy spares for engine
Pfizer/BioNTech, Moderna expect data on shot's protection against new COVID-19 variant soon
“Armenian clan” guides European institutions (PHOTO)
Iran, Turkmenistan, Kazakhstan sign tripartite MoU on railway cooperation
Turkey bans travel from 5 African countries over new COVID-19 variant
Uzbekistan, Kazakhstan sign an agreement worth about $612 million
Kazakhstan has great potential to use high environmental standards in practice - AIFC
South Africa says travel bans over new variant unjustified
US announces travel restrictions over new COVID-19 variant
At least 19 dead, 32 injured after bus crash in Mexico
US company Moderna begins work on vaccine against new SARS-CoV-2 variant ‘Omicron’
Dozens of COVID-19 cases on flight from South Africa, Dutch authorities say
Top Iran diplomat calls for lifting of sanctions, days before Vienna nuclear talks
U.S. President Biden calls for intellectual property protection waivers on COVID-19 vaccines
WTO postpones major meeting over COVID-19 concerns - sources
Trilateral meeting in Sochi can be called historic - Chairman of State Duma Committee
487 illegal immigrants rescued off Tunisian coast: ministry
WHO names new COVID variant Omicron
Sochi meeting is tremendous step in right direction; Armenia must act quickly in order to intercept its abandoned priorities - experts
Turkey to support Qatar's regional and international goals: Shentop
Kazakh President holds talks with President of European Commission
Statement by President of Azerbaijan, PM of Armenia and President of Russia published
Georgia carries out judicial reform with support of U.S., MP Okhanashvili says
Iranian, Malaysian FMs discuss bilateral ties
Foreign Ministry comments on trilateral meeting of leaders of Azerbaijan, Russia and Armenia
Putin discusses results of meeting with President of Azerbaijan Ilham Aliyev and Prime Minister of Armenia Nikol Pashinyan with Security Council
Vladimir Putin announces agreement on unblocking transport corridors between Azerbaijan and Armenia
Commission for delimitation of border between Azerbaijan and Armenia to be created
We repeatedly stated that we are ready to start demarcation process without delay - President Ilham Aliyev
After end of hostilities, more than 100 detained Armenian servicemen were handed over to Armenian side - President Ilham Aliyev
Trilateral working group of Azerbaijan, Russia and Armenia to hold meeting next week in Moscow - Putin
President Ilham Aliyev ends his working visit to Sochi
Agreement reached on creation of mechanisms for demarcation and delimitation of border between Azerbaijan and Armenia before year end - Putin
All news