US retail sales fell to USD 535.9 billion in September, their lowest level since March 2021, and marking the fifth month-on-month decline in retail sales, reports BIMCO.
The 7-month low is partly due to pandemic-induced government spending, aimed at fuelling consumer demand, winding down while spending on services has recovered some of its lost share of consumer spending. In the second quarter of the year, spending on food, accommodation, transport, and recreation services was back to levels recorded in Q2 2019.
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Source: BIMCO
