U.S. Economy Ramps Up on Spending Surge

“The U.S. economic recovery is accelerating as stimulus money, Covid-19 vaccinations and business re-openings spur a spring surge in consumer spending, a sharp pullback in layoffs and a bounceback in factory output,” the Wall Street Journal reports.

“Retail sales—a measure of purchases at stores, at restaurants and online—jumped 9.8% in March, the Commerce Department reported Thursday. The gain in consumer spending—the biggest driver of economic activity—came as the government began distributing hundreds of billions of dollars of stimulus funds to households.”

Financial Times: Globals stocks hit record highs on strong economic data.