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.