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Cooling Off as the Delta Variant Strikes

Signs are mounting that economic conditions are softening, putting economic growth at risk of moderation. Several reports measuring consumer behavior, business activity, and the housing market released last week showed just that. Moreover, most of these reports reflect conditions in July, before COVID cases began to significantly rise and threaten households and businesses with new rounds of restrictions.

Consumers Pull Back

The highlight of the week came early with the release of July retail sales, which reported a 1.1% decline over the month, the third monthly decline this year. Consumers continue to shift spending away from durable goods that they stocked up on during the worst of the pandemic, such as cars, furniture, and home improvement products, to in-person services, many of which are not even included in retail sales numbers, such as spending at hotels, motels, travel agencies, entertainment venues, and salons. 

Sales at bars and restaurants, which are included in the report, rose for the fifth month in a row, climbing by 1.7% in July, and sales at gasoline stations were up by 2.4% as more people took to the road for summer travel. Spending at auto dealerships fell by 3.9% in July, at building materials stores by 1.2%, and at furniture and home furnishing stores by 0.6%. Clothing sales fell unexpectedly by 2.6% in July after ratcheting up in June in what was thought to be a sign of a return-to-office wardrobe refresh.

Later in the week, consumer sentiment figures in the University of Michigan’s Survey of Consumers declined to multi-year lows. Consumer confidence fell sharply to its lowest level since December 2011, mostly due to the spread of the delta variant and its potential to slow economic growth, while inflation fears were also growing. Consumers indicated weakening confidence in both current economic conditions and expectations.

*Article Courtesy of Costar 

For more information about New Jersey or Philadelphia health care space, New Jersey or Philadelphia industrial space, New Jersey or Philadelphia retail space, and New Jersey or Philadelphia office space or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis healthcare space, New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, and New Jersey and Philadelphia industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.

A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.

As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for New Jersey or Philadelphia office space, Philadelphia or New Jersey retail space, or New Jersey or Philadelphia industrial space for sale or lease, Wolf Commercial Real Estate is the New Jersey and Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.

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