J. Craig Shearman Household finances remain strong and the economic recovery will likely continue to gain steam as we head into the summer months.
NRF President and CEO Matthew Shay
WASHINGTON – Retail sales were virtually unchanged from their strong performance a month before and grew dramatically year-over-year in April as the rapidly recovering U.S. economy marked a full year since the coronavirus pandemic shut down most stores during the spring of 2020, the National Retail Federation said today.
“In March, we saw a surge in spending as stimulus checks came in, and that spending declined slightly in April,” NRF President and CEO Matthew Shay said. “Year-over-year growth of 28.8 percent demonstrates that household finances remain strong, and the economic recovery will likely continue to gain steam as we head into the summer months. Consumers are demonstrating that when they feel safe, they are both willing and able to spend and are driving the economy forward.
Retail sales are continuing to see improvements as huge gains were made because of government stimulus checks and more people received vaccinations against the Coronavirus disease.
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A confident consumer is driving the economic rebound, and that should continue through the remainder of 2021.
NRF President and CEO Matthew Shay
WASHINGTON – Retail sales rebounded with huge gains in March as government checks fattened consumers’ bank accounts and more vaccination against COVID-19 made it easier for shoppers to get out of the house and lead the acceleration of the U.S. economy, the National Retail Federation said today.
“The dramatic increase of nearly 18 percent in March retail sales over the same period last year confirms that a confident consumer is driving the economic rebound, and that should continue through the remainder of 2021,” NRF President and CEO Matthew Shay said. “American households are clearly feeling the full effect of additional fiscal stimulus, gains in the job market and the reopening of the economy. Although there have been some recent issues related to vaccines, consumer confidence remains high and an optimistic outlook for the f
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Despite unseasonably cold weather in some parts of the country and traditionally low-key spending in February, last month s retail sales growth was pretty strong, up 7.8% compared to February 2020 for the group tracked by Retail Dive, and up a whopping 23.5% online.
But compared to January, February was a disaster, analysts said.
The numbers themselves tell the story. Sales in the cohort of retail segments tracked by Retail Dive fell 6.9% in the period, and even e-commerce tumbled 7.2%. Almost all segments suffered, including those like home goods and furniture (down 5.4%) that have thrived during the pandemic era. Electronics sales fell 10.8%, sporting and hobby sales fell 14.3%, and general merchandise sales fell 8.9%. (Somehow apparel eked out an uncharacteristic 7.5% rise.)