Wow! Consumers #trump Covid19 last month by increasing retail spending by a whopping $62.3 billion, month-over-month. Retail sales (ex. food services) after plummeting 17.5% from record levels has quickly rebounded to within 3.7% of that threshold.
The increase was a watershed for merchants and a proxy of consumers’ pent-up demand: Sporting goods, hobby, music stores ↑188%, home furniture ↑89.7%, electronics and appliances ↑50.5%, automobile dealers ↑44.1%, nonstore retailers ↑9%. The figures are astounding and appear withstanding by the stock market’s response.