Industry news

U.S. Clothing retail Recovery is slowing 2020

The U.S. Statistical Bureau recently released its latest retail sales statistics.The us apparel market recovered for the fourth month in a row, but the recovery slowed significantly in August.Retail sales edged up 0.6 per cent in August from a month earlier and 2.6 per cent from a year earlier, suggesting that a major part of the economy has returned to levels close to those seen before the outbreak.The apparel and apparel industry grew only 2.9 percent month-on-month in August, but was still down 20.4 percent year on year.

According to the latest survey, about two-thirds of Americans say they have cut back on spending during the epidemic.The amount of checking accounts held by Americans has risen by $1.3 trillion, or 56%, since February.As a result of the lockdown, many Americans are spending less on dining out, clothing and travel.

As of August, 45 large companies with more than $1 billion in debt had filed for Chapter 11 bankruptcy protection this year, up from 38 in the same period in 2009, including major fashion retailers such as J.C., JCPenney, Neiman Marcus and Lord & Taylor, and more than in any year since 2010.

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