Statement by Director of the National Economic Council Brian Deese on Increasing Retail Sales
This morning, we learned that Advance Retail Sales increased above expectations in October and now are 16 percent higher than this time last year. Sales at restaurants and bars are up more than 29 percent compared to this time last year and more than 9 percent compared to pre-pandemic levels. In addition, retailer stores are benefiting from healthy sales numbers. And this morning, Walmart, the nation’s largest grocery and retail store, reported that it will have enough products to meet consumer demand over the holiday season.
In short, families have seen an increase in real disposable income, and stores and restaurants have the supplies to drive this recovery. Today’s data show that even as we work to address the real challenge that elevated inflation from supply chain bottlenecks poses for Americans’ pocketbooks and outlook, the economy is making progress. Going forward, the Administration remains focused on growing our economy and bringing prices down for American families by tackling COVID-19, addressing supply chain challenges through implementation of the historic infrastructure package signed into law yesterday, and passing the Build Back Better Act which will boost the productive capacity of the economy and address key costs for middle-class families, including health care, housing, child care, and elder care.