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Assume that in August 2019 the U.S. had $9 billion in clothing retail sales. Using the information in Graph B, calculate the amount of clothing
Assume that in August 2019 the U.S. had $9 billion in clothing retail sales. Using the information in Graph B, calculate the amount of clothing retail sales in August 2020 in billions of dollars. Round your answer to 2 decimal places. Note: answering in billions means that if you think the answer is $4 billion, you should answer 4 in the box below.
While categories like clothing stores and restaurants and bars posted increases in August, they were still down from where they were a year earlier: clothing by 20 percent, and restaurants and bars by 15. Conversely, grocery store sales declined 1.6 percent in August, but were 9 percent higher from a year earlier. Furniture and home furnishing stores posted a 2 percent increase in August and were up 3.8 percent from a year ago. Change in August retail sales from: Previous year Previous month Nonstore retailers +22.4% no chg. +15.4 +2.0% Building materials/garden Sporting goods/hobbies/ musical instruments/books Food/drink stores +11.1 -5.7% +10.0 -1.2 Health/personal care +5.6 +0.8 Motor vehicles/parts +4.5 +0.2 Graph B Furniture/furnishings +3.8 +2.1 Total retail sales +2.6 +0.6 General merchandise +0.8 -0.4 Miscellaneous -0.6% -0.2 Electronics/appliances -2.4 +0.8 Food service/drink places - 15.4 +4.7 Gas stations - 15.4 +0.4 Clothing -20.4 +2.9 Source: Commerce Department. By Karl RussellStep by Step Solution
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