Retail sales started to bounce back last month — but still have a long way to go to return to pre-coronavirus levels.
Total retail and food service sales jumped a seasonally adjusted 17.7 percent in May from April, but compared to a year earlier, sales last month were still down 6.1 percent.
After three months of relative lockdown, people are coming back to stores and even New York City, the initial COVID-19 epicenter, is open for curbside pick up. The sales figures help push the bullish sentiment to the fore. At midday, the Dow Jones Industrial Average was up 2.2 percent, or 561.67 points, to 26,324.83.“The [month sales] report is a blockbuster, demonstrating the indomitable strength of the American consumer,” said Craig Johnson, president of Customer Growth Partners.
Even if consumers do come back in full force, the same might not be true for retail, which has been slimming during the shutdown. Even strong players, like Nordstrom, have closed some stores for good, while others have filed for bankruptcy, including Neiman Marcus, J. Crew and J.C. Penney.
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