retail

U.S. retail spending grew 1.9% last month, delivering a slight boost of confidence amid a recent spate of signs that the economic recovery has lost momentum from the pandemic's toll.

A new report by the consumer-interest nonprofit Public Citizen calls out major retailers for donating to trade groups and campaigns supporting harsher shoplifting penalties in at least 18 states.

But U.S. shoppers spent more prudently in August and retail sales grew a tepid 0.6% from July, after extra federal jobless benefits expired and families faced a confusing back-to-school season.

People particularly stocked up on electronics and appliances, took more trips with stops at gas stations, and cautiously went out to eat as more stores and restaurants reopened.

The parent company Tailored Brands earlier said it would close up to 500 stores and cut 20% of corporate jobs. It's joined in pandemic bankruptcy by rival Brooks Brothers and a growing list of others.

The retailer was acquired in 2019 by online clothing-rental startup called Le Tote. It joins a cascade of bankruptcies by major apparel stores, triggered by the doldrums of the coronavirus pandemic.

Ascena Retail Group is the latest clothing seller to try a restructuring during the pandemic when demand has cratered. The firm, which also owns Lane Bryant and Justice, will close some stores.

Stores, supermarkets and gas stations are grappling with low supplies of pocket change. The national shortage is due in part to people going out less to spend money during the pandemic.