Signs Of Economic Boom Emerge As Retail Sales Surge, Jobless Claims Hit Pandemic Low

(NPR)

The surge is being fueled by shoppers flush with cash from $1,400 dollar relief payments, and in some cases, by the feeling of newfound security from a fresh vaccine.

Hope about the economy was further reinforced after data showed the number of Americans filing new state unemployment claims last week dropped to 576,000, a decrease of 193,000 from the previous week.

That was the lowest since the week ended March 14, 2020, when the pandemic starting gripping the United States.

"At long last the economic recovery appears to be picking up speed," said Mark Hamrick, senior economic analyst at Bankrate, discussing the weekly claims report.

"Some employers are responding by boosting wages and even throwing in hiring bonuses. The job market should only tighten further in the months ahead, raising the prospect of further pay gains, particularly for entry level positions."