Stimulus Checks Helped US Retail Sales Surge 5.3% in January.
On Feb.
16, the Commerce Department said Americans used their $600 stimulus checks to increase total sales by 5.3% from the prior month.
Several industries benefited from the increased spending.
Bars and restaurants saw a 6.9% sales increase, furniture store sales climbed 12%.
And purchases at electronics and appliance stores rose 14.7%.
The January data suggest[s] that the picture is improving, Cailin Birch, global economist at The Economist Intelligence Unit, via Fox Business.
The stopgap aid bill that was passed by Congress in the final days of 2020, together with the likelihood of a sizeable economic relief package from the Biden administration before end-March, .., Cailin Birch, global economist at The Economist Intelligence Unit, via Fox Business.
... are likely to be feeding into household confidence, supporting spending, Cailin Birch, global economist at The Economist Intelligence Unit, via Fox Business.
Democrats in Congress are currently trying to push forward with the American Rescue Plan, which would likely provide another stimulus check up to $1,400