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U.S. retailers welcome newly reached fiscal relief, call for more aid

(Xinhua)    09:37, December 23, 2020

WASHINGTON, Dec. 22 (Xinhua) -- The National Retail Federation (NRF) has welcomed the Congressional passage of the COVID-19 relief package, noting that more robust stimulus is needed to shore up the economy.

"Retailers are encouraged by the passage of this economic relief package that will keep the economy open and moving in the right direction as the fight against the COVID-19 pandemic continues," NRF President and CEO Matthew Shay said in a statement late Monday, shortly after the Senate's vote.

The upper chamber approved a 900-billion-U.S.-dollar COVID-19 relief package late Monday, along with 1.4-trillion-dollar government funding for the rest of the fiscal year, which ends on Sept. 30, 2021. The House of Representatives passed the measure two hours earlier.

The relief plan includes another round of direct payments for individuals, federal unemployment benefits - both at reduced levels - and more funding for Paycheck Protection Program to support small businesses. It also features hundreds of billions more for schools, testing and the distribution of vaccines.

"The additional stimulus and extension of expired relief measures will help protect families, support health care providers and sustain small and independent businesses," Shay said.

Noting that the November retail sales report shows that consumers "held back on spending," the NRF president said more robust stimulus is needed to shore up the economy.

U.S. retail sales dropped by 1.1 percent in November from the previous month amid nationwide COVID-19 spikes, the country's Commerce Department reported last week.

Despite retail sales falling for two consecutive months, Shay said earlier that the NRF still expected "a strong holiday season" compared with last year.

"These are trying times for many American families, and a strong stimulus bill is critical to the continued recovery of the economy and the retail industry, which creates employment for 52 million working Americans," Shay said.

"Our hope is this latest stimulus will be a down payment on economic relief next year," he added.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Wen Ying, Bianji)

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