The Growth Rate of Retail Sales Has Slowed.
After the COVID shutdowns, retail sales exploded upwards, rising by more than 18% in 2021, followed by another historically high increase of 9% in 2022. During these two years, retail sales increased by more than $150 billion, equal to 8 years of pre-pandemic increases combined, causing the highest inflation in 40 years. The growth rate of retail sales dropped to a much more normal 3.6% in last year, and in the last 12 months, its growth at a rate of 2.3%.
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(Original air-date: 8/9/24)