US March retail sales go into overdrive
US retail sales went into overdrive in March as Americans started receiving government stimulus checks from mid-month onwards.
According to the Department of Commerce, in seasonally adjusted terms retail sales volumes shot 9.8% higher month-on-month to reach $619.1bn.
Economists had penciled-in an increase of 5.2%.
Last month's increase pushed the year-on-year rate of growth to an eye-watering 27.7%.
The biggest increases in sales when compared to February were seen in Sporting Goods and Book stores, where they jumped by 23.5%, in Fashion (18.3%), at Restaurants (13.4%), and in those of building materials (12.1%).
Whatever mobility restrictions might still be in place also proved scant obstacle for Motor Vehicle and Parts dealers, whose sales surged by 15.1%.
With a view to the future, Ian Shepherdson at Pantheon Macroeconomics said: "A correction in retail sales after April seems likely, but attention then will switch to spending on non-retail services, which will rocket as the economy reopens fully."