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E-commerce sales may be twice as high as generally reported

E-commerce sales may be twice as high as generally reported, according to a new calculation by Thomas Paulson, who runs Minneapolis-based Inflection Capital Management.

Buzz: Rather than 9% of retail sales — as reported by the Fed and other sources — Paulson says Amazon and other e-commerce companies grabbed 21% of total U.S. retail sales last year. In 2016, it was 18.7% and the last time the rate was still at 9% was in 2010, he added.

Data: Census Bureau, eBay, Amazon, Inflection Capital Management; Chart: Axios Visuals