Retail spending spiked in March as $1,400 checks hit, but don't fall for 'revenge spending' stories
newsdepo.com
Close to 160 million stimulus checks totaling more than $375 billion have reached U.S. households since the passage of the American Rescue Plan, and retail sales showed the effects in March. That means a big boost to the economy—and needed purchasRetail spending spiked in March as $1,400 checks hit, but don't fall for 'revenge spending' stories
Close to 160 million stimulus checks totaling more than $375 billion have reached U.S. households since the passage of the American Rescue Plan, and retail sales showed the effects in March. That means a big boost to the economy—and needed purchases for people who may have been putting them off for a year. Many people have reported using their COVID-19 relief payments to stay housed and pay basic bills, or to pay down debt, but there was still enough left that retail sales rose by 9.8% in March (seasonally adjusted), significantly outstripping the up to 6.5% increase Wall Street analysts had predicted. Let’s be clear, though, that this doesn’t bear out the Republican messaging that people got too much free government money and now have no motivation to work or practice responsible financial planning. People are spending most of their stimulus money on paying down debt, essential spending, and saving. Read more