The Economy Continues To Bounce Back After Pandemic Plunge

Thanks to the American Rescue Plan and President Biden’s vaccine roll out strategy, the economy is healing. Thanks to the millions of dollars in Americans’ pockets from President Biden’s American Rescue Plan, May’s retail sales are a whopping 18% above pre-pandemic levels and restaurant spending is now above its pre-pandemic peak. 

  • CNN“America’s retail industry is expecting a strong year thanks to more consumers getting vaccinated and returning to stores, as well as fiscal stimulus boosting consumer spending in the first half of 2021.”
  • CNN“Retailers that struggled in 2020, such as clothing chains and department stores, have said consumers are shopping again for apparel, luggage and other categories they saw little need for while they sheltered at home.”

  • New York Times’ Ben Casselman: “Here’s a milestone: Restaurant spending finally crossed its pre-pandemic level in May. But growth slowed significantly.”
  • Associated Press’s Chris Rugaber“So you can see the reopening upending the retail sales numbers: Clothing sales up 200% y-o-y as people go back to offices; home and garden stores plunge 5.9% in May, presumably as home projects decelerate; restaurant and bar sales up 71% y-o-y.”