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Americans spent less at retailers than expected in October as the economic recovery decelerated amid a worsening pandemic.
US retail sales gained 0.3% last month, according to the Census Bureau. Economists surveyed by Bloomberg expected sales to increase by 0.5%. The reading also marked an decline from September’s 1.6% increase.
The October report does, however, mark the sixth straight jump in retail spending since consumer spending froze in April. Stimulus measures including the $2.2 trillion CARES Act fueled a V-shaped rebound through the summer as households’ balance sheets were bolstered by direct payments and expanded unemployment benefits. details ⇒
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