America’s economy is bouncing back.
That’s why the S&P 500 jumped 45% in the last four-months. This big move for the market preceded the strong recovery for America’s economy from the last 60 days.
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America’s economy is staging the fastest comeback ever. And that’s despite record-breaking numbers of new coronavirus cases in places including Florida, Texas, Arizona and California.
Yet those numbers that haven’t stopped Americans from getting back to life.
The following chart on America’s economy shows U.S. retail sales – excluding food services…
That chart shows an undeniable V-shaped recovery for America’s economy.
It’s easy to see that retail sales rebounded to pre-coronavirus levels in just five months!
That’s a much faster recovery than after the recession of 2008 – 2009. Back then it took 33 months for retail sales to bounce back.
This suggests that the cutback in spending was temporary.
Most U.S. states were under strict lockdown orders during late March and April. This meant that non-essential businesses were closed and many people cut back on spending.
Yet Americans love buying stuff.
Starting in May there was a sharp bounce-back. By June the retail sales totaled nearly $477 billion.
That eclipsed retail sales of $464 billion in January and $461 billion in February.
Compared with June 2019, retail sales were up 1.1%. Here are the three categories with the greatest month-over-month growth:
- Furniture +33%
- Electronics +37%
- Clothing and accessories +105%
This rebound is expected to continue in July and August.
U.S. stocks have been soaring – ahead of the positive economic data on America’s economy. And strong results in the coming months could continue to fuel the stock market rally.
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