CNN Business | American shopping is back to pre-pandemic levels. That’s a big deal

New York (CNN Business) – Millions of Americans remain unemployed during the coronavirus pandemic and many are struggling to pay their bills. But despite devastation in other parts of the US economy, American consumerism has staged a rapid comeback.

US retail sales rose 1.2% in July from the previous month, the Commerce Department reported Friday.

Initially, Wall Street wasn’t impressed with the data. Stocks fell in morning trading after the number fell short of economists’ forecasts.

But lurking in the report was a bright spot.  —more—