Retail

Child tax credit payments may boost retail sales as soon as this month

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Shoppers are seen wearing masks while shopping at a Walmart store in Bradford, Pennsylvania, July 20, 2020.

Brendan McDermid | Reuters

Grocery stores, big-box retailers and even auto mechanics could pick up sales in the coming months, thanks to a new source of cash: Monthly payments that go directly into parents’ and caretakers’ bank accounts.

Starting Thursday, families will receive money for each of their children. The enhanced child tax credits, passed as part of the American Rescue Plan, are intended to fight child poverty. For retailers, however, they could also act as a stimulus that encourages spending on food, school supplies, clothes — or even a car payment.

“It’s a good thing for…



Source cnbc.com

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