U.S. Retail
Sales Down As Stimulus Payments Wane On Tanking
Economy
May 26. 2021
Joe Biden
A new economic report in America
reveals the U.S. economy is still struggling with
poor sales and a lack of job growth. The New York
Times is reporting U.S. "retail sales were flat in
April" after rising "10.7 percent" in the previous
month.
Economists state the effect of the
stimulus has already worn off. There was a stimulus
payment in January for $600, then one in April for
$1,600. There was also one payment of $1,200 in
mid-2020. It's simply not enough to sustain many
Americans or the economy.
All major nations gave months
stimulus payments during the coronavirus pandemic in
2020 and 2021. It paid off in that it mitigated some
of the damage to their economies. However, the U.S.
government did not give the same level of stimulus
payments to sustain people during the pandemic and
is now seeing the catastrophic damage that has
emanated from those legislative decisions.
Reports indicate Congress is mulling
a fourth stimulus payment, as the economy is in the
toilet. The coronavirus did a catastrophic amount of
damage to the U.S. economy, more than most nations.
In fact, the virus has cost America its place at
number one in the world, as it is steadily being
overtaken by China in many areas of commerce.
STORY SOURCE
Sales at U.S. retailers fall flat in April as
stimulus boosts fades
Last Updated: May 14, 2021 at 9:51
a.m. ET - The numbers: Sales at U.S. retailers fell
flat in April after a blockbuster gain in the prior
month when the government sent out $1,400 stimulus
checks — the third report in the past week that
suggests the economy is hitting fresh headwinds.
Retail sales were unchanged last
month, the government said Friday. Economists polled
by Dow Jones and The Wall Street Journal had
forecast an 0.8% increase. Sales had soared more
than 10% in March after the government sent out a
third batch of financial aid checks to most
Americans.
While a slowdown in retail spending was
expected in April, few on Wall Street predicted such
a tepid result. Softer retail sales growth in April
follows recent reports that show the U.S. added a
paltry 266,000 jobs last month while inflation rose
to the highest level in 13 years...
https://www.marketwatch.com
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