—and spending could've dipped in September since consumers hadn't received such aid recently. But September's retail sales growth could mean that retail will continue to recover even if there's no new stimulus package, which is important as the future of legislation that would introduce new aid is Retail's ability to continue on an upward trajectory is key since the holidays are a major volume driver for merchants, card networks, and issuers.
But retail and payment firms' Q4 could still be at risk as consumers run out of funds and coronavirus cases pick up. While retail's performance is on the upswing, it's possible consumers will eventually pull back on spending as they run out of funds from the stimulus and expanded unemployment benefits. This risk may be why Walmart CEO Doug McMillon
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