"Retail sales boomed 9.8% higher in March thanks to a jump in spending at bars and restaurants as well as multiple other groups.
"Economists already had been expecting a gain of 6.1% as consumers received their $1,400 government stimulus checks."
At the same time, the story says, "A separate report showed first-time filings for unemployment insurance plunged, with the Labor Department reporting 576,000 new jobless claims for the week ended April 10. That was easily the lowest total since the early days of the Covid-19 pandemic and represented a sharp decline from the previous week’s total of 769,000."
- KC's View:
Expect the next set of consumer confidence numbers to follow suit … as long as the pandemic somehow does not get out of control.