Signs emerge that consumers are out there spending their new stimulus checks.
Newly sent out stimulus checks from lawmakers may be having their desired effects: boost consumer spending — which makes up about 70% of the U.S. economy — and yank the U.S. economy out of a severe recession this summer.“As the [first] quarter progressed, we saw a second phase related to entertaining and educating at home. Puzzles and video games took off. Parents became teachers. Adult bicycles started selling out, as parents started to join the kids.
Later on in the call, Walmart U.S. CEO John Furner added that same-store sales in April surged 9.5%. “We’ve had a solid start to May in the U.S. but we believe stimulus spending has been a big driver, which we don’t anticipate staying at these levels throughout the quarter.” Total card spending ran at a pace of down 10% year-over-year for the five-day period ending May 7, notes Bank of America U.S. economist Michelle Meyer. That’s improved from a 36% run-rate decline for the last five days of March. Meyer adds that excluding autos, card spending gained 1% from May 3-7.Home Depot appears to also be benefiting from stimulus check spending.
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