According to the Federal Reserve Bank of New York, the average household spent nearly a quarter of the stimulus checks on goods and services last month.
April 15, 2021
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The agency estimates that retail sales and catering services grew 9.8% last month, to $ 619.1 billion. In February, sales last month reached 563.7 billion but down 2.7% from the previous month.
Clothing and clothing accessories stores are among the biggest beneficiaries of the improved economy this year. In March, these businesses made more than $ 22 million in unadjusted pre-sales – a jump from the $ 10.8 million they made in March 2020. Industry The auto also saw a significant increase in unadjusted pre-sales last month. Motor vehicle and parts dealers raked in more than $ 145 million in total, compared with the nearly $ 83 million they earned from unadjusted sales in March 2020.
Based on CNBC, the figures can largely be attributed to existing consumers spending Their latest stimulus test round. A recent report from Federal Reserve Bank of New York It turns out that, in March, on average, each household saved about 41.6% of checks and spent 24.7%.
“Spending will almost certainly come back down in April as some of the stimulus wears off, but with rapid implementation of immunization and households with stable finances, we Expectations for overall consumer growth will continue to recover rapidly in the second quarter. “Michael Pearce, senior US economist at Capital Economics, said in a statement obtained by CNBC.