“Cabin Fever” Strikes Again

Most Americans did not enjoy being cooped up in their homes during March, April, and May. Not all of us were actually allowed out in June, but a lot of us were. Cabin fever struck. Shopping online gets old after a while.

Breitbart is reporting today:

U.S. retail sales increased more than expected in June even as coronavirus infections climbed in many states that began to reopen their economies.

The Commerce Department said on Thursday retail sales rose 7.5 percent last month, easily surpassing the 5.2 percent gain expected by economists.  Compared with a year ago, retail sales are 1.1 percent higher.

Excluding autos and parts, retail sales were above 7.3 percent, above the forecast 5.2 percent. Excluding sales at gasoline stations, retail sales rose 7.0 percent. Excluding both, sales were up 6.7 percent.

Sales by autos and parts by dealers rose 8.7 percent and are 7.5 percent higher than a year ago.

The below-the-headlines details paint a picture of an economy reeling from the pandemic, with sales surging by record amounts after historic declines in March and April.

Stores that had been shut down because of anti-pandemic measures saw huge month-over-month jumps in sales. Furniture store sales jumped 32.5 percent compared with May but remain 3.5 below last year’s level. Sales at electronic stores jumped 37.4 percent but were 12.7 percent below a year ago.

We definitely have a way to go, but we are moving in the right direction.