Federal Reserve: American Rescue Plan is an Economic Shot in the Arm

While Democrats worked to give the economy a shot in the arm, Republicans tried to shoot it in the foot by opposing the American Rescue Plan that economists agree is jumpstarting the American economy.

The American Rescue Plan is putting vaccines in arms, money in pockets, people in jobs, and kids back in school safely – which is powering an economic rebound.

The Federal Reserve says the American Rescue Plan's stimulus and vaccines powered growth in March.

Associated Press: Fed survey: Economy rebounding, helped by stimulus, vaccines

A Federal Reserve survey has found that the economy was rebounding in late February through early April, helped by billions of dollars in a new round of stimulus payments and the stepped-up rollout of coronavirus vaccines.

The new survey released Wednesday showed that the Fed's business contacts around the country were expressing more optimism about the economy's outlook as activity accelerated.

The survey credited a range of factors, from vaccinations to the payments of up to $1,400 for individuals from the $1.9 trillion relief package that President Joe Biden pushed through Congress last month.

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The survey found that the Fed's regional bank in New York is seeing growth for the first time since the pandemic shut down the economy a year ago and that the expansion is "broad-based across industries."

The Commerce Department says the $1400 checks boosted retail sales by 9.8 percent in March

Associated Press: $1,400 stimulus checks helped March retail sales soar 9.8%

Newly vaccinated and armed with $1,400 stimulus checks, Americans went on a spending spree last month, buying new clothes and going out to eat again.

Retail sales surged a seasonally adjusted 9.8% after dropping about 3% the month before, the Commerce Department said Thursday. The rise in March was much better than the 5.5% increase Wall Street analysts had expected.

Thursday's report, which covers about a third of overall consumer spending, is the latest sign that the economy is improving as vaccinations accelerate, business restrictions are relaxed and more people are willing to head out to shop or eat. Employers, for example, added 916,000 jobs last month, the most since August. And U.S. consumer confidence surged in March to the highest level in a year.

U.S. jobless claims plunged to the lowest level since the pandemic

Wall Street Journal: Jobless Claims Fell to a New Pandemic Low Last Week

Unemployment claims declined to the lowest level since the coronavirus pandemic struck last spring, adding to signs the U.S. economic revival is picking up speed.

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Several factors are converging to boost growth across the economy. Vaccination rates are powering consumer spending, governments are relaxing restrictions on businesses, and federal-stimulus funds are flowing through the economy.

While the GOP just keeps voting NO on critical assistance for the American people, President Biden and Congressional Democrats are working together to Build Back Better.