The Weekly Journal - Wednesday, July 20, 2022

Page 1

Wednesday, July 20-26, 2022 - // no. 169

Cheaper gas does not improve sales P6 Crypto currency for the masses P7 The Constitution’s 70th anniversary P10

Puerto Rico and the Caribbean

www.theweeklyjournal.com

Is back-to-school spending

back to normal? Retailers experienced mixed results after weekend without sales tax

S

Juan A. Hernández and Efraín Montalbán Ríos, The Weekly Journal

The running of the bulls is back P13

chool environment in Puerto Rico has been subjected to extreme stress for the past few years, with the Covid-19 pandemic being but the latest in a series of situations that could negatively affect education for at least a generation. Nevertheless, a recent report published by Deloitte, Touche, Tohmatsu Ltd indicates that back-toschool shopping seems to be experiencing a full recovery, even despite worldwide spiraling inflation. In the US alone, according to the federal Bureau of Labor Statistics,

inflation exceeded the 9.1% estimate for June. According to Deloitte’s report, back-to-school market size in the U.S. is estimated to be $34.4B, up 24% since 2019, with parents planning to spend despite concerns. The report estimates parents in the U.S. will be spending an average of $661 per child in school supplies and materials this year. That is $49 more, when compared to 2021. This figure is particularly significant considering that 33% of those surveyed responded that their households’ financial situation have worsened since last year. GO TO PAGE 4


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