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Blue chart showing economic growth over dollars and coins. Source: Shutterstock.

NAFCU Chief Economist Curt Long said the Census Bureau’s August retail sales report released Thursday shows signs that the rise in COVID-19 cases is beginning to affect parts of the economy, but overall consumer spending is proving resilient.

The Census Bureau reported that Americans spent a seasonally adjusted $619 billion in August at retailers, including restaurants and bars. That amount was 0.7% higher than in July and followed a 1.8% drop from June to July.

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Jim DuPlessis

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