US retail sales rose in March and were up 27.7 percent. every year. The low base effect worked here – a year ago, the coronavirus pandemic hit and the restrictions introduced to the economy.
The United States and sales booming
But also on a monthly basis (monthly) a very strong increase can be seen – of 9.8%. Much higher than the expected 5.9 percent. And at the same time the strongest in 10 months. The Commerce Department revised the reading for February upwards (the decline was 2.7% on the month instead of the previously estimated decline of 3%). After March, retail sales were already 17.1 percent. Above pre-Coronavirus levels.
Americans dumped themselves in goods related to leisure, hobbies (sports, music, books + 23.5 percent), cars (+15.1 percent per month), clothing (+ 18.3 percent), and electronics (+ 10.5 percent). ). Sales in gastronomy have also increased strongly (by 13.4% on a monthly basis), although it is still lower than it was a year ago. Excluding cars, fuel, building materials, and catering services, sales rose 6.9% in March. Also very strongly, after a drop of 3.5 percent in February.
United States of America. Home checks support recovery
The main direct cause of the explosion in consumer demand is in United States of America The fiscal package approved in early March aims to help the economy recover from the crisis. We’re talking direct payments to families – many of them received more checks from the government for $ 1,400 Dollars. It is still in effect, too 300 Dollars per week of federal unemployment benefit.
The improvement in the epidemiological situation also contributes to the revival of consumption. There are fewer new infections, and the number of people vaccinated is increasing – 47% have already taken the first dose. Population, restrictions are being lifted. Better weather also helped after snow storms in February, which hit hard in some parts of the United States. There is growing optimism among consumers who start spending early Capital, Due to the inability to purchase or due to concerns and doubts about the epidemic. This late demand is a phenomenon that experts are expecting from us, too.
The data from the US is important because what is happening in the largest economy in the world also affects Europe and Asia. Recently the US demand is seen in the information from Beijing – exports from chin To the United States in March increased by 53.3 percent. On a yearly basis, China’s trade surplus with Americans reached $ 21.37 billion.