Press Release - President Biden's Economic Plan is Working: New Report Shows that Child Tax Credit Helped Power Strong July Retail Sales

According to a new report by Mastercard SpendingPulse, retail sales continued their growth in July, as parents across America used the first of six monthly Child Tax Credit payments during the peak back-to-school shopping season, boosting department store and apparel sales stores.

According to the report, the growth was concentrated in the days immediately following the first distribution of the payments, made possible through the American Rescue Plan, on July 15. As part of his Build Back Better agenda, President Biden is calling on Congress to extend the American Rescue Plan Child Tax Credit expansion.

Mastercard's chief economist and head of the Mastercard Economics Institute Bricklin Dwyer said, "Back to school shopping is back. Combined with greater savings and higher demand, the Child Tax Credit has provided a boost for families and is putting more money into retailers' pockets."

Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated said, "While e-commerce continues to play an increasingly significant role for retail, nothing replaces the in-store experience. July numbers reflect a return to the store.

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