Boom! US retail sales spike, jobless claims drop to one-year low

Americans receiving a fresh round of pandemic relief cheques and COVID vaccines injected big pep into the economy’s step.

United States retail sales rebounded more than expected in March as Americans received additional pandemic relief cheques from the government and increased COVID-19 vaccinations allowed broader economic re-engagement, cementing expectations for robust growth in the first quarter. The brightening economic prospects were underscored by other data on Thursday showing first-time claims for unemployment benefits tumbled last week to the lowest level since March 2020, when mandatory closures of non-essential businesses were enforced to slow the spread of the first COVID-19 wave. The rapidly improving public health environment and the White House’s $1.9 trillion rescue package are positioning the economy for the fastest growth this year in nearly four decades.