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The U.S. economic recovery is accelerating as stimulus money, Covid-19 vaccinations and business re-openings spur a spring surge in consumer spending, a sharp pullback in layoffs and a bounceback in factory output.
Retail sales a measure of purchases at stores, at restaurants and online jumped 9.8% in March, the Commerce Department reported Thursday. The gain in consumer spending the biggest driver of economic activity came as the government began distributing hundreds of billions of dollars of stimulus funds to households. It was the largest monthly gain since last May, during the initial recovery from lockdowns early in the Covid-19 pandemic.
U.S. Economy Ramps Up on Spending Surge, Hiring Gains
The U.S. economic recovery is accelerating as stimulus money, Covid-19 vaccinations and business re-openings spur a spring surge in consumer spending, a sharp pullback in layoffs and a bounceback in factory output.
Retail sales a measure of purchases at stores, at restaurants and online jumped 9.8% in March, the Commerce Department reported Thursday. The gain in consumer spending the biggest driver of economic activity came as the government began distributing hundreds of billions of dollars of stimulus funds to households. It was the largest monthly gain since last May, during the initial recovery from lockdowns early in the Covid-19 pandemic.