Report shows retail sales fell in July, but hiring hit a record high
The US Commerce Department's report shows that retail sales in July, before the surge of the Delta variant fell by 1.1%. This was a greater drop in sales than the 0.3% drop Wall Street experts had predicted. This data is the first look into whether the rise in covid 19 cases has stopped people from heading out to shops. According to the data in the report, spending dropped greatest at clothing, furniture, and sporting goods stores.
While retail sales fell in July, the Labour Department reports that more than 10 million job openings were posted by employers in July- the highest the department has seen in the last two decades. This also led to a boom in hiring in July. Last month, employers added 943,000 jobs and the unemployment rate dropped to 5.4%
Source: CBS News
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