197: The American shopper (shoes, chocolates, cars, second homes) leads the V-shaped recovery. Assistant Secretary of the Treasury for Public Affairs. @TreasurySpox & @MonicaCrowley @USTreasury

Published: July 17, 2020, 2:09 a.m.

Image:  "Traités nouveaux & curieux du café du thé et du chocolate," by Philippe Sylvestre Dufour, 1685.  Public domain. Monica Crowley, Assistant Secretary for Public Affairs for the U.S. Department of the Treasury; in re: Economists continually underestimate the ability of the country to recover. When they allowed us out, we shopped.    Chart on retail sales was steady pre-Covid; then decline; now: a dramatic increase. Looks like a V-shaped consumer and retail-sales recovery.  Double-digit increase—and car sales rose 8.2% in June. Gasoline; bars & restaurants, spending, all increased.  All the stores boarded up after the June disorders are open again except Victoria’s Secret.  Washington is slightly ahead of New York City in re-opening.  People who’ve been pent up and cooped up are eager to get out. Rural America: life goes on as normal except everyone wears a mask. A chocolate store on 35 St is open again.  People are investing in homes; Dutchess County horse estates are putting up SOLD signs. Migration to exurban and rural areas.  Some parts of the economy are still suffering—the reason for PPP, enhanced unemployment insurance, many programs stood up in record time to get people through this challenging time.  Unprecedented times.  We’re committed to seeing that every American get a job.  Payroll tax holiday or tax cut considered. https://www.wsj.com/articles/us-retail-sales-report-data-june-2020-11594846181?mod=hp_lista_pos3