"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2020-08-11T14:36:35Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2020/08/11/jim-hackett-ford-ceo-poppy-harlow-nr-intv-sot.cnn"
data-branding-key=""
data-video-slug="jim hackett ford ceo poppy harlow nr intv sot"
data-first-publish-slug="jim hackett ford ceo poppy harlow nr intv sot"
data-video-tags="business figures,business, economy and trade,companies,coronavirus,diseases and disorders,economy and economic indicators,ford motor co,health and medical,infectious diseases,jim hackett,life forms,microscopic life,misc people,poppy harlow,viruses"
data-details="">
Video Ad Feedback
Ford CEO advises 'cautious optimism' about economy
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2020-08-11T14:36:35Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2020/08/11/jim-hackett-ford-ceo-poppy-harlow-nr-intv-sot.cnn"
data-branding-key=""
data-video-slug="jim hackett ford ceo poppy harlow nr intv sot"
data-first-publish-slug="jim hackett ford ceo poppy harlow nr intv sot"
data-video-tags="business figures,business, economy and trade,companies,coronavirus,diseases and disorders,economy and economic indicators,ford motor co,health and medical,infectious diseases,jim hackett,life forms,microscopic life,misc people,poppy harlow,viruses"
data-details="">
Video Ad Feedback
Ford CEO advises 'cautious optimism' about economy
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2023-01-26T15:35:27Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2023/01/26/united-airlines-intv-ceo-es-romans-vpx.cnn"
data-branding-key=""
data-video-slug="united airlines intv ceo es romans vpx"
data-first-publish-slug="united airlines intv ceo es romans vpx"
data-video-tags="air transportation,airlines,aviation and aerospace industry,business and industry sectors,business, economy and trade,christine romans,companies,iab-air travel,iab-aviation industry,iab-business and finance,iab-industries,iab-travel,iab-travel type,misc people,transportation and warehousing,united airlines"
data-details="">
Video Ad Feedback
'The system is stressed to the max': United CEO weighs in on industry woes
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2023-01-20T11:06:04Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2023/01/19/nightcap-work-from-home-employers-clip-orig-nb.cnn"
data-branding-key="nightcap"
data-video-slug="nightcap work from home employers clip orig nb"
data-first-publish-slug="nightcap work from home employers clip orig nb"
data-video-tags=""
data-details="">
Video Ad Feedback
Disney just threw down the gauntlet in the WFH battle
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2023-01-17T14:04:51Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2023/01/17/nyc-sober-bar-owner-cnntm-cprog-vpx.cnn"
data-branding-key=""
data-video-slug="nyc sober bar owner cnntm cprog vpx"
data-first-publish-slug="nyc sober bar owner cnntm cprog vpx"
data-video-tags="bars, pubs and taverns,brand safety-nsf alcohol,brand safety-nsf sensitive,business and industry sectors,business, economy and trade,continents and regions,food and beverage industry,food and drink,iab-attractions,iab-bars & restaurants,iab-business and finance,iab-dining out,iab-food & drink,iab-food industry,iab-industries,new york (state),new york city,north america,northeastern united states,restaurant and food service industry,restaurant industry,restaurants,the americas,united states"
data-details="">
Video Ad Feedback
Hear why this bar owner decided to open a non-alcoholic bar
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2023-01-13T12:33:08Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2023/01/13/inflation-ease-small-business-impact-cohen-pkg-cnntm-vpx.cnn"
data-branding-key=""
data-video-slug="inflation ease small business impact cohen pkg cnntm vpx"
data-first-publish-slug="inflation ease small business impact cohen pkg cnntm vpx"
data-video-tags="business, economy and trade,company activities and management,company structure and ownership,domestic alerts,domestic-business,economic conditions,economic indicators,economy and economic indicators,iab-business,iab-business and finance,iab-economy,iab-small and medium-sized business,inflation,international alerts,international-business,small business"
data-details="">
Video Ad Feedback
'You're just a hamster spinning on a wheel': Restaurant owner struggles to stay open
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-12-15T13:26:19Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/12/15/labor-force-men-women-yurkevich-dnt-contd-cnntm-vpx.cnnbusiness"
data-branding-key=""
data-video-slug="labor force men women yurkevich dnt contd cnntm vpx"
data-first-publish-slug="labor force men women yurkevich dnt contd cnntm vpx"
data-video-tags=""
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-11-29T14:05:24Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/11/29/bank-of-america-ceo-brian-moynihan-economy-harlow-cnntm-vpx.cnnbusiness"
data-branding-key="perspectives-no-logo"
data-video-slug="bank of america ceo brian moynihan economy harlow cnntm vpx"
data-first-publish-slug="bank of america ceo brian moynihan economy harlow cnntm vpx"
data-video-tags="bank of america corp,brian moynihan,business figures,business, economy and trade,companies,economy and economic indicators,misc people,poppy harlow"
data-details="">
Video Ad Feedback
Bank of America CEO predicts 'mild recession' next year
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-11-18T22:44:24Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/11/18/rising-heat-costs-home-heating-oil-prices-inflation-winter-cohen-pkg-biz-lead-vpx.cnn"
data-branding-key=""
data-video-slug="rising heat costs home heating oil prices inflation winter cohen pkg biz lead vpx"
data-first-publish-slug="rising heat costs home heating oil prices inflation winter cohen pkg biz lead vpx"
data-video-tags="business and industry sectors,business, economy and trade,economic conditions,economic indicators,economy and economic indicators,electric power industry,energy and utilities,inflation,seasons of the year,utilities industry,winter (season)"
data-details="">
Video Ad Feedback
Some Americans being forced to pick between paying for groceries and heating their homes
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-11-09T19:49:31Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/11/09/stew-leonard-jr-grocery-food-price-mb-markets-now.cnn-business"
data-branding-key="markets-now"
data-video-slug="stew leonard jr grocery food price mb markets now"
data-first-publish-slug="stew leonard jr grocery food price mb markets now"
data-video-tags="agricultural commodities,agriculture,agriculture, forestry, and commercial fishing,banking, finance and investments,business and industry sectors,business, economy and trade,commodity markets,economic conditions,economic indicators,economy and economic indicators,financial markets and investing,food and beverage industry,food prices,food production industry,holidays and observances,inflation,retail and wholesale trade,supermarkets and groceries"
data-details="">
Video Ad Feedback
Grocery chain CEO on food prices: 'My crystal ball is broken'
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.
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.
After slumping to a seven-year low in April, retail sales bounced back to their pre-pandemic level in just a few months. As of July, they were at their highest level on record.
The milestone came in part because the Commerce Department revised June’s retail sales figures higher.
Consumer spending is the biggest engine of US economic growth, and retail sales are an important component of that. The report, however, does not include spending on services — things like hair cuts, medical care and financial services. So far, spending on retail goods has recovered at a faster rate than spending on services.
The retail rebound has been driven by a few strong categories.
Compared with July last year, sales were up 24.7% at “nonstore retailers,” a sector that includes ecommerce platforms. Sales were also strong at building and garden supply retailers, grocery stores and stores that sell sporting goods, hobby supplies and musical instruments.
Meanwhile, the report showed gas stations, department stores and clothing retailers are still operating far below normal.
Overall, the data signals that, despite rising coronavirus cases and a bruised US economy, consumers are still spending — even if the ways they’re spending have shifted.
“The retail sales figures are encouraging because they suggest the recovery has continued to grind on even in the face of the resurgence in virus cases,” Michael Pearce, senior US economist at Capital Economics, said in a research note Friday.
Slower momentum ahead
Despite reaching a pre-crisis milestone, retail sales could slow in the months ahead, economists warn. July’s 1.2% gain already was significantly slower than the 8.4% gain in June.
The federal government’s stimulus package and enhanced unemployment benefits of an additional $600 a week have boosted retail sales, economists say. But the enhanced benefits expired at the end of July, which could cause the recovery could stall, they say.
“Given continued high unemployment, retail sales in August and in the fall will rely to a large degree on the timing and extent of more government assistance,” Robert Frick, corporate economist at Navy Federal Credit Union, said in a note Friday.
The pandemic has slammed parts of the retail industry and forced a growing list of brands into bankruptcy.
So far in 2020, more than 6,000 stores have said they will permanently close, according to Coresight Research, a retail research and advisory firm. It anticipates closures will snowball and set a new annual record this year of as many as 25,000, breaking last year’s record 9,302 closures tracked by the firm.
Stein Mart joins several other retailers have fallen into bankruptcy in recent months, including Tuesday Morning, JCPenney, Sur La Table and Muji. Pier 1 Imports, which filed for bankruptcy in February and is closing all of its stores, announced in July it found a buyer for its online operations and intellectual property.