Article Image
IPFS News Link • Economic Stimulus

Consumer Spending Explodes, Driven By Vaccine Recipients, Millennials Splurging On Airlines,

• Zero Hedge - Tyler Durden

Now that the awful February retail sales report is in the rearview mirror, as is its huge miss to consensus expectations - just as we warned - due to i)  payback from the stimulus-induced gain in January; ii) delayed tax refunds; and ii) the Texas winter blizzard, the most recent card spending data from both Bank of America and JPMorgan confirms that the latest stimmy checks have not only arrived but have been put to good use, mostly by millennials but also by those elderly vaccinated Americans (whom BofA calls "traditionalists") who just can't wait to jump on a plane or cruise ship, and enjoy some time away from house arrest, following a year of unprecedented government-overreach lockdowns.

The latest BofA card spending data (as measured by aggregated BAC credit and debit card data) for the week ending March 13 showed a 7.4% 1-year change and 8.9% 2-year change for the 7-days ending March 13th, both numbers confirming a substantial rebound from February's spending freeze. 

Free Talk Live