US fashion firms struggle amidst trade wars

Retail is without a doubt one of the worst-hit industries in the US economy, and fashion is a major extension of this considering the volume of sales attributed to this distribution channel. Clothing retail sales in the US contracted by over 40 per cent in the first five months of 2020. This industry was already lagging behind, and the pandemic has only made things worse. However, jobs lost were being added, especially seasonal jobs, and according to a recent survey, 57 per cent of retail workers stated their optimism for the industry to pick up. Read the details here.