Sole said.He said that while last month was better than expected for sellers of clothing and footwear, there was “a real wait-and-see attitude” about how back-to-school shopping might shape up in late July and early August and still concern about a potential second wave of the coronavirus.Retailers are “hoping for the best and preparing for the worst,” he said.Ben Casselman and Jeanna Smialek contributed reporting.Retail Sales Rebounded in May, but the Road Back Is LongRetail sales rose 17.7 percent in May, following a record decline of 14.7 percent in April.People are out and about shopping, running errands and working in the Upper West Side of Manhattan.Macy’s reopened its Herald Square location for curbside pickups.
Still, clothing sales were down 63 percent from a year earlier, while furniture was down 22 percent.Note: Data are the percentage change to May 2020 from April 2020 and May 2019, and are based on seasonally adjusted figures.No matter how fleeting, the rebound in May was a welcome boost, especially for small businesses like The store carries a selection of best sellers, books on race and books on the city’s maritime history. For some, shopping is simply less fun and far more transactional in the pandemic era.On Sunday, shoppers waited outside the J. Because that’s going to have to be the key driver of spending going forward.”The positive numbers in May also mask some of the intense strain on businesses.While his White Electric Coffee shop in Providence, R.I., was closed, Tom Toupin sold a special “Stay at Home” brew online, donating 20 percent of the sales to the state’s Covid-19 relief fund.In preparing to reopen this month, Mr. Toupin spent about $1,000 on a device that enables contactless payments and reconfigured the front counter and register to create more distance between employees and customers.“I was so excited to open up the shop again,” Mr. Toupin said. “Looks like a BIG DAY FOR THE STOCK MARKET, AND JOBS!” he But Jerome H. Powell, chair of the Federal Reserve, “Until the public is confident that the disease is contained, a full recovery is unlikely,” he said.
We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. Crew Factory in an outlet mall in Westbrook, Conn.; signs said that the store’s capacity was 10 people and that masks were required. By early afternoon, the market had sprung back, with the S&P 500 ending the day up 1.9 percent.Economists had expected a rebound from April, when widespread business closures drove retail sales to their lowest level since 2013, though the gain was greater than some had expected.After more than a month of quarantine, May brought a tentative restart of brick-and-mortar retailing across most of the country, with major chains like Macy’s and Gap reopening hundreds of stores. Retail sales shattered already-lofty expectations for May as consumers freed from the coronavirus-induced lockdowns began shopping again.The 17.7% headline gain including food sales easily topped the record 6.7% from October 2001 — a month after the 9/11 terrorist attacks — and beat the 8% estimate from economists surveyed by Dow Jones.Retail sales alone powered 16.8% higher from a month earlier, more than double the estimate of 8% from Dow Jones and reversing from a revised 14.7% plunge from the previous month. Gap, for example, noted that it was seeing better results at Old Navy stores, which are often away from enclosed shopping malls, as customers were more confident in such locations and better able to take advantage of new services like curbside pickup.Enclosed malls “seem like the weakest channel out there now in terms of traffic,” Mr. Some states began allowing outdoor dining during the month after the establishments were limited to curbside pickup and delivery.While the monthly gains set records, the economy is still making up for lost ground.Total sales were off 6.1% from a year ago as economists still expect the biggest annualized GDP in the second quarter that the U.S. has ever seen.Got a confidential news tip? “I would caution not to be fooled by this large gain. Stocks rallied in the morning after the retail numbers were released. Retail sales, a measure of purchases at stores, at restaurants and online, increased a seasonally adjusted 17.7% in May from a month earlier, the Commerce Department said Tuesday.
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