The New York Federal Reserve Bank, which surveyed more than 1,000 people, said households planned to spend about a quarter of their most recent stimulus checks on goods. The rest of the money would be used to pay down debt or put aside for savings.
Teresa Golden of Renton, Washington, said she used the first two stimulus checks to catch up on rent and bill payments. With the most recent one, she spent $500 on Levi s jeans, Old Navy clothing and shoes from Finish Line. Another $500 went to restocking her pantry with things that will last a long time on the shelf, such as ketchup, sugar, spices and Clorox wipes.
Clothing Stores See 18% Sales Boost Thanks to $1,400 Stimulus Check newsweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsweek.com Daily Mail and Mail on Sunday newspapers.
$1,400 stimulus checks helped March retail sales soar 9.8%
by Joseph Pisani, The Associated Press
Posted Apr 15, 2021 8:43 am EDT
Last Updated Apr 15, 2021 at 8:44 am EDT
NEW YORK Newly vaccinated and armed with $1,400 stimulus checks, Americans went on a spending spree last month, buying new clothes and going out to eat again.
Retail sales surged a seasonally adjusted 9.8% after dropping about 3% the month before, the Commerce Department said Thursday. The rise in March was much better than the 5.5% increase Wall Street analysts had expected.
Thursday’s report, which covers about a third of overall consumer spending, is the latest sign that the economy is improving as vaccinations accelerate, business restrictions are relaxed and more people are willing to head out to shop or eat. Employers, for example, added 916,000 jobs last month, the most since August. And U.S. consumer confidence surged in March to the highest level in a year.
$1,400 stimulus checks helped March retail sales soar 9.8%
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FILE - In this March 18, 2021 file photo, a salesperson helps a customer shopping for Bean Boots at the L.L. Bean flagship retail store in Freeport, Maine. Newly vaccinated and armed with $1,400 stimulus checks, Americans went on a spending spree last month, buying new clothes and going out to eat again. Retail sales surged a seasonally adjusted 9.8% after dropping about 3% the month before, the Commerce Department said Thursday, April 15. (AP Photo/Robert F. Bukaty, File)
NEW YORK – Newly vaccinated and armed with $1,400 stimulus checks, Americans went on a spending spree last month, buying new clothes and going out to eat again.