WASHINGTON: Foot traffic to US restaurants and stores showed little improvement last week, high frequency data show, and signs emerged of deepening stress for small businesses as economists worry the recovery from coronavirus lockdowns continues to slow.
Many US businesses tapped federal programs for help early in the pandemic, but with the health crisis now likely to extend into next year, the stress may be too much. Customers are served at the Destiny USA mall during the reopening, as the coronavirus disease restrictions are eased in Syracuse, New York, on Jul 10, 2020.
Some economic policymakers worry that the larger-than-expected job gains from May through August will mark the high point of the recovery. New weekly job postings aggregated by economic consulting firm Chmura from online employment firms and company websites have remained at roughly 90 per cent of their pre-pandemic level in recent weeks - a sign of steady but not surging momentum in hiring.
But that data also showed a divided recovery. Shifts worked at manufacturing firms for the week ending Sep 20 were just 1 per cent below the average from January through March. Retail firms were down by 10 per cent.
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