Spending at department stores stabilizes after a rough start in 2017

Spending at department stores appears to have stabilized after a rough start to the year.
In a recent note to clients, a Bank of America Merrill Lynch team led by Ethan S. Harris, global economist at the bank, analyzed credit card spending at department stores.
They found that July saw a 1.8% month-over-month uptick in department store spending, marking the fifth consecutive month of positive or flat growth.
Growth in year-over-year terms, however, remains at -4.1%, according to t