Americans are worried about the fast-spreading delta strain of the coronavirus, but not enough to stop them from spending money and keeping an economic...
Americans are worried about the fast-spreading delta strain of the coronavirus, but not enough to stop them from spending money and keeping an economic recovery alive.
Yet the threat from delta appears to have been exaggerated. Sales at retailers surged in August and they were particularly strong if auto dealers are excluded.Americans went out a bit less, it turned out, and didn’t spend as much on services. Restaurant receipts flattened out in August after five straight big monthly gains, to cite one notable example.
The retail sales report “is a reminder that consumers are resilient and willing to spend,” said lead U.S. economist Nancy Van Houten of Oxford Economics.Sales at auto dealers have fallen four months in a row due to a shortage of vehicles and record-high prices for the limited selection that is available. Home sales have also tapered off because of high prices.
Yet a shortage of labor has put a speed limit of sorts on how fast the economy can grow. Much of the weakness in hiring in August probably stemmed from the labor shortage instead of delta, economists say.
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