US retail sales rose 1.2% in July from the previous month, the Commerce Department reported Friday. After slumping to a seven-year low in April, retail sales bounced back to their pre-pandemic level in just a few months. The milestone came in part because the Commerce Department revised June's retail sales figures higher. So far, spending on retail goods has recovered at a faster rate than spending on services. The federal government's stimulus package and enhanced unemployment benefits of an additional $600 a week have boosted retail sales, economists say.

Source: CNN August 14, 2020 16:07 UTC