Retail spending in the United States stalled in April, coming in at a below-expectations zero percent after surging over 10 percent in March, when a round of stimulus checks hit bank accounts and Americans went on a shopping spree. The U.S. Census Bureau said in a Friday release (pdf) that U.S. retail spending remained flat in April, while economists polled by Reuters predicted a 1 percent rise. So-called core retail spending—which excludes automobiles, gasoline, building materials and food services—dropped 1.5 percent last month. Retail spending surged by 10.7 percent in March, when many households received $1,400 stimulus checks as federal authorities disbursed a round of economic impact payments authorized by the recent $1.9 trillion pandemic relief bill. The retail spending measure saw a similar upward bump in January, when an earlier round of checks was sent out. The stimulus checks “burned a hole through consumers’ pockets in those months and contributed …
April Retail Spending Stalls after Stimulus-Fueled March Shopping Spree
May 14, 2021
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