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Economic Pulse: Week of 8/9/24

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%.

Click here for the latest Lehigh Valley Economic Review.

Listen to Economic Pulse Fridays at 5:44 PM during All Things Considered; Mondays at 7:30 AM during Morning Edition.

(Original air-date: 8/9/24)

Dr. Kamran Afshar has a Ph.D. in Economics and has taught at graduate and under graduate levels between 1978-88. He has vast experience in economic impact studies, feasibility studies, customer satisfaction surveys, and scientific competitive analysis.
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