| pxfuel.com
Business spending in June increased slightly compared to May, according to Cortera analysis, CNBC reported.
Cortera's data indicated some reversal of previous stay-at-home spending trends since more American retailers and restaurants began reopening and people returned to work. Overall, spending declined nearly 11 percent from a year ago, but increased 2.7 percent from May.
“There are green shoots,” Cortera CEO Jim Swift told CNBC.
Swift said a comeback will be a little slower than expected due to COVID-19's continued spread.
“I think the situation is one where we’re starting to recover, but it’s slower because of the persistence of the virus so people don’t go out as much,” Swift told the news agency.
Swift also said manufacturing spending was up 6 percent and trucking shipment spending increased 15 percent.
“The fact we are seeing some upticks in that is the most encouraging thing. They’re starting to get things back out in the market. If we can get the manufacturing guys going that’s real growth,” Swift said.
Cortera found that spending from online retailers was down 6 percent from May, but still above 2019 levels by 1.7 percent, according to CNBC.
CNBC also reported that gas stations and good and beverage stores, as well as other sectors, spent 7 percent more in June than in May but, again, still less than 2019.
Cortera's analysis also found that two-thirds of all businesses increased their spending between May and June, but that 80 percent are still spending less than previously. Forty-eight states also increased spending in small and medium-sized businesses by 7 percent, the analysis states.
Retail spending was mixed, but transportation saw a rise in June and wholesalers saw a decrease, according to the data.
