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Americans Spent Less in July as COVID-19 Cases Surged

Americans cut back on their spending last month as a surge in COVID-19 cases kept people away from stores.

According to Tuesday’s report, spending fell at stores that sell clothing, furniture and sporting goods. At restaurant and bars, spending still rose nearly 2%, but the rate of growth has slowed from recent months before the delta variant spread and people were feeling safer about dining without their masks with others.

Economists think Americans are also shifting their spending from goods to services, things like haircuts or vacations, which are not included in Tuesday’s report. And rising prices for everything from food to washing machines may have checked spending.

See the full article from Arkansas Business here.

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