The economy is improving from its lowest point earlier this year, but that recovery may already be slowing down as COVID-19 cases spike in parts of the U.S., according to the chief economist for Jones Lang LaSalle.
Ryan Severino, who manages JLL's economics team, wrote in a post that indicators from the retail industry show, for the demand side of the economy, there are steady improvements. He pointed to advance sales increasing by 7.5 percent on a month-to-month basis after an 18.2 percent increase in May, plus sale levels moving to pre-pandemic numbers from the start of the year.
"Sales growth registered strong gains across a variety of store types including clothing stores, electronics stores, and sporting goods stores," Severino wrote. "Clearly, consumers released pent-up demand as economies reopened somewhat. Inflation data also indicate an economy heading back up."
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Jacqueline Thomsen
Jacqueline Thomsen, based in Washington, is a reporter covering D.C. federal courts and the legal side of politics. Contact her at [email protected] and follow her on Twitter @jacq_thomsen.
