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Americans' spending fell more than expected in July, suggesting the latest rebound in COVID cases could hamper the US economic recovery.announced Tuesday morning. Economists surveyed by Bloomberg expected sales to fall 0.2% to roughly $620 billion. The reading marked the second decline in three months and dragged sales further from April's record high of $629 billion.Spending at auto dealers and parts vendors fell roughly 4% through the month.
Consumer spending counts for roughly 70% of economic activity in the US, making retail sales a key measure for the recovery's strength. Sales rebounded strongly through last spring as stimulus checks included in the CARES Act drove spending higher. Direct payments included in two following aid packages similarly boosted spending, and sales hit a record high in April as the country began reopening.
Spending has since dipped as overwhelming demand butts heads with supply bottlenecks. Shortages of products ranging from semiconductors to lumber cut into businesses ability to service Americans' spending spree. The imbalance also helped inflation climb to its highest level since 2008, though the latest reading suggestsSign up for notifications from Insider! Stay up to date with what you want to know.
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Billions spent on Afghan army ultimately benefited TalibanWASHINGTON (AP) — Built and trained at a two-decade cost of $83 billion, Afghan security forces collapsed so quickly and completely — in some cases without a shot fired — that the ultimate beneficiary of the American investment turned out to be the Taliban.
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Billions spent on Afghan army ultimately benefited TalibanBuilt and trained at a two-decade cost of $83 billion, Afghan security forces collapsed so quickly and completely — in some cases without a shot fired — that the ultimate beneficiary of the American investment turned out to be the Taliban. The Taliban captured an array of modern military equipment when they overran Afghan forces who failed to defend district centers. Bigger gains followed, including combat aircraft, when the Taliban rolled up provincial capitals and military bases with stunning speed, topped by capturing the biggest prize, Kabul, over the weekend.
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