(Reuters) – U.S. retail foot traffic is slackening and growth in the number of shifts worked by hourly employees has ground to a halt, a clutch of high-frequency data showed this week, offering the latest evidence the economic recovery that appeared so promising two months ago is rapidly losing momentum.
Weekly data that Reuters follows from sources ranging from the New York Federal Reserve to mobility tracking and small business payroll service providers shows that after big upticks in May and June, activity growth stalled in July as COVID-19 spread rapidly in key areas of the country across the South and Southwest. That recent flat-lining trend has persisted as August began.
Graphic – The economy in real time: https://fingfx.thomsonreuters.com/gfx/mkt/yxmvjrxrzvr/Pasted%20image%201596729676868.png
Time management firm Kronos https://www.kronos.com/about-us/newsroom/update-us-workforce-activity, for instance, reported that shifts worked in the week ended Aug. 2 were essentially unchanged nationally but fell in 19 states, primarily in the Midwest. The