Consumer Spending at Small Businesses Rebounds in July
Sales of General Goods Drive Growth
Transactions and Spending Both Increase
Consumers in the United States spent more at small businesses in July, marking a rebound in the sector. The increase was driven by strong sales of general goods, according to data released on August 13, 2024.
Retail spending rose by 4.6%, while retail transactions jumped by 5.8%. This exceeded expectations, as economists had forecast a more modest increase. The Commerce Department attributed the growth to a surge in consumer spending, with price pressures remaining modest.
The strong showing in July is a positive sign for small businesses, which have been hit hard by the COVID-19 pandemic. The increased sales could help them recoup some of the losses they incurred during the economic downturn.
The data suggests that消费者are slowly starting to return to their pre-pandemic spending habits. This is a welcome sign for small businesses and the broader economy.
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