{"id":15105,"date":"2020-10-22T14:38:25","date_gmt":"2020-10-22T13:38:25","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=15105"},"modified":"2023-02-08T11:15:28","modified_gmt":"2023-02-08T10:15:28","slug":"united-states-resilient-retail-sales-despite-reduced-support","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-resilient-retail-sales-despite-reduced-support\/","title":{"rendered":"United States: resilient retail sales despite reduced support"},"content":{"rendered":"<h2>Chart of the week<\/h2>\n<p>While we might have feared a fall or sharp slowdown in September\u2019s retail sales as the various household income support measures came to an end, the numbers surprised to the upside, posting a 1.9% month-on-month increase, or 1.4% excluding automobiles, fuel and building materials. Minor downward revisions to previous months failed to undo the surprisingly upbeat numbers.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-15106 alignnone\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2020\/10\/graph-semaine-21-angl.png\" alt=\"\" width=\"1946\" height=\"984\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2020\/10\/graph-semaine-21-angl.png 1946w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2020\/10\/graph-semaine-21-angl-300x152.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2020\/10\/graph-semaine-21-angl-1024x518.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2020\/10\/graph-semaine-21-angl-768x388.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2020\/10\/graph-semaine-21-angl-600x303.png 600w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2020\/10\/graph-semaine-21-angl-1536x777.png 1536w\" sizes=\"auto, (max-width: 1946px) 100vw, 1946px\" \/><\/p>\n<h2><b>Our analysis<\/b><\/h2>\n<p>This figure is good news at a time when household incomes are receiving less support and the number of Covid-19 cases is turning back up. In addition, the improvement in the University of Michigan&#8217;s confidence index from 80.4 to 81.2 in October is reassuring.<\/p>\n<p>&nbsp;<\/p>\n<p><em>See also :\u00a0<a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-an-extraordinary-transfer-of-resources-at-least-for-the-moment\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-an-extraordinary-transfer-of-resources-at-least-for-the-moment\/<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<p><em>The opinion expressed above is dated 16th October 2020 and is liable to change.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 &#8211; Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES &#8211; 75008 PARIS, FRANCE<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the week While we might have feared a fall or sharp slowdown in September\u2019s retail sales as the&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":15114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2140,2032,2142,1971],"class_list":["post-15105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-income","tag-retail-sales","tag-revenues","tag-usa-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>United States: resilient retail 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