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CHART OF THE DAY: In retail sales data, consumers are ready to get out of the house

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The strong retail sales data released on Thursday showed just how much pent-up demand exists among consumers as stimulus checks burn a hole their pockets and vaccinations allow for the economy to open up.

People, it is clear, are ready to get out of the house.

Among the strong categories in the March data were spending on eating and drinking, which rose by 13.4%, clothing stores (18.3%), gasoline stations (10.9%), and vehicle and parts (15.1%). And these increases, away from the house, will only help tighten the labor market, which showed improvement in the initial jobless claims data released on Thursday.

For more information on how the coronavirus pandemic is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.

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About Seth Bacon

@SethTBacon

Seth is a senior analyst specializing in consumer products for RSM US LLP in the Seattle office. He has more than 10 years of experience serving clients across the country by providing industry- specific insights and thought leadership focused on digital transformation. He has worked with a variety of clients in the consumer products industry helping them focus on acquiring and retaining customers through data driven insight.

In May 2020, Seth was selected as a senior analyst in RSM’s cutting-edge Industry Eminence Program, which positions its senior analysts to understand, forecast and communicate economic, business and technology trends shaping the industries RSM serves. These senior analysts advise clients on conditions influencing middle market leaders.

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