Easing coronavirus lockdowns tied to the rapid rollout of Covid-19 vaccinations in the US has helped spark a sharp increase in American consumer spending and the lowest new jobless claims since the start of the pandemic.
US retail sales in March rose by the most in 10 months while the number of Americans filing for new unemployment benefits fell by 193,000 to 576,000 in the week ending April 10, according to data published on Thursday. That beat economists’ expectations for 700,000 new claims.
Retail sales grew a seasonally adjusted 9.8 per cent in March compared with the previous month, the US Census Bureau reported, stronger than the 5.9 per cent increase that economists expected. That spending was bolstered by the arrival of a fresh round of federal stimulus cash.