Mall Traffic Surges as Incomes Rise and Americans Go on Shopping Spree
Shoppers returned to malls in droves in March, boosted by a sharp rise in personal income and a strong boost in consumer spending, reinforcing the view that a recovery in the pandemic-stricken retail sector is building steam.
Foot traffic at a sample of 50 malls in March was up 86 percent from the same month last year, according to mobile-device location data from analytics firm Placer.ai.
Ethan Chernofsky, VP of Marketing at Placer.ai, told The Epoch Times in an emailed statement that, “we’re already seeing the signs of a clear retail recovery.”
Third Round of COVID Checks Led to Historic Monthly Rise in Household Income
Boyer s cashier Kathryn Laudermilch bags a customers groceries at the Boyer s Food Markets grocery store in Womelsdorf, Pennsylvania, on April 8, 2021. Ben Hasty / MediaNews Group / Reading Eagle via Getty Images
By
Wall Street Journal.
Household income rose 21.1% in March after President Joe Biden signed the $1.9 trillion coronavirus relief package into law, following months of stonewalling by Republicans, who spent much of 2020 claiming that additional aid to help families struggling to pay for housing and other necessities was unaffordable.
The immediate rise in household income from the previous month represented the largest increase since 1959, the
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In final reading, GDP increased at record 33.4% annual rate in third quarter Print this article
The Commerce Department on Tuesday reported in its third and final estimate of gross domestic product that the economy grew at a record 33.4% annual rate in the third quarter.
The prior two reports on the quarter showed that economic activity increased at an annual rate of 33.1%.
Still, GDP is 3.5% below what it was at the end of 2019.
GDP cratered when the pandemic struck, contracting a record-breaking 31.4% annual rate in the second quarter.
The collapse in the second quarter was by far the largest in U.S. history. Previously, the biggest annualized drop in GDP was 10% in 1958, according to the Commerce Department’s Bureau of Economic Analysis. The largest drop in GDP during the Great Recession from 2007 to 2009 was 8.4%.