U.S. retail sales accelerate, weekly jobless claims drop
Retail sales in the United States marked their sharpest level of growth in March. The reading, which came as the strongest in ten months, followed after Americans received additional pandemic relief checks from the government. Expedited coronavirus rollouts also supported the jump, increasing expectations for a well-established economic rebound.
Data from the Commerce Department showed that retail sales recorded a 9.8% increase in March. This, in turn, sent sales to 17.1%, completely regaining their pre-pandemic level. The figure came larger than the 5.9% jump expected in a Reuters survey.
The country’s bright economic outlook was also supported by weak unemployment claims. Jobless claims reached their lowest level since March 2020, when emergency measures were implemented to control the spread of the coronavirus.