Friday, September 30, 2022
Home > BUSINESS > Retail Sales in United States Dropped in May 2021

Retail Sales in United States Dropped in May 2021

In May 2021, the retail sales in the United States of America have been dropped more than expected, along with the spending in the country, which rotates back to the services from goods as the covid-19 vaccinations have allowed the people of US to travel and engage in several other activities, which were restricted by the novel corona virus pandemic.

In spite of the drop in May 2021, on Tuesday, 15th June 2021, the Commerce Department of United States has reported that, the trend in the retail sales still remains strong. Tim Quinlan, a senior economist at Wells Fargo in Charlotte, North Carolina said, the days of spending the money online and spending the money on the durable goods has been pivoting towards getting ready for various trips along with reconnecting with the friends at the bars and restaurants.

In May 2021, the retail sales have been decreased by 1.3 percent and the data for April 2021 had been revised higher for showing that, the sales increasing by 0.9 percent instead of remaining unchanged as it had been reported earlier, and overall, the retail sales have been increased by 28.1 percent on a year-on-year basis.

During the period of the novel corona virus pandemic, the demand had been shifted to the goods like motor vehicles and electronics as millions of people in the United States have been working from home, along with switching to the online classes and avoiding the public transportation, and over half of the eligible people of US are now completely vaccinated, along with boosting the demand for the air travel, eating out, etc.