HELP IS HERE: Jobless Claims Hit New COVID-Low, Retail Sales Crush Expectations
April 15, 2021
Thanks to the leadership of President Biden and Democrats, and no thanks to a single congressional Republican, the economy is coming back, and more Americans are getting jobs back and spending their stimulus checks, helping to boost small businesses.
After a blowout jobs report last month, jobless claims hit their lowest level since the pandemic started last March.
Associated Press: “The number of Americans applying for unemployment benefits tumbled last week to 576,000, a post-COVID low and a hopeful sign that layoffs are easing as the economy recovers from the pandemic recession. The Labor Department said Thursday that applications plummeted by 193,000 from a revised 769,000 a week earlier. Jobless claims are now down sharply from a peak of 900,000 in early January.”
And thanks to the over 156 million stimulus checks distributed across the country, retail sales surpassed expectations.
Associated Press: “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.”
As more Americans feel the impact of President Biden’s American Rescue Plan with more vaccines and checks in their pockets, their support only grows stronger.
Monmouth: “Just over 6 in 10 (63%) Americans support the $1.9 trillion Covid stimulus package enacted last month, while 34% oppose it. These overall numbers are similar to when the bill was being considered by Congress last month (62% support and 34% oppose), but strong support for the package has ticked up to 43% from 35% in March.”