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U.S. retail sales jumped nearly 10% in March

Retail sales in the U.S. surged 9.8% in March as shoppers increased spending across several categories, including in-store shopping, restaurant dining and online purchases, the Census Bureau revealed in a new report Thursday.

Why it matters: It was the biggest monthly boost in retail spending since May 2020 — bouncing back from a dip in February — helped by the latest round of stimulus checks, the ramped-up vaccination effort and the economic reopening.


Details: Retail sales were up 27.7% from March 2020, while motor vehicle and parts dealers saw a 71.1% surge from this time last year.

  • Sales at restaurants and bars were also up 36% higher than last year.

What they're saying: “There were a lot of positive forces for consumers in March,” Michelle Meyer, head of U.S. economics at Bank of America, told the Wall Street Journal.

  • "The reopening progressed throughout March, with more and more states easing restrictions, more and more people becoming vaccinated and feeling comfortable re-engaging in the economy and activities that they did previously," she added.

Of note: New applications for state unemployment insurance — one proxy for layoffs — fell last week to the lowest level (roughly 613,000, not adjusted for seasonality) since the onset of the pandemic, a separate Labor Department report today showed.

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Earth's carbon dioxide levels hit 4.5 million-year high

The amount of carbon dioxide in the Earth's atmosphere has reached its annual peak, climbing to 419 parts per million (ppm) in May, according to scientists from Scripps Institution of Oceanography and the National Oceanic and Atmospheric Administration (NOAA).

Why it matters: It's the highest CO2 reading since reliable instrument data began 63 years ago, but evidence shows it's also a peak since well before the start of human history.

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Bipartisan group of senators urges Blinken to vaccinate Americans abroad

Sens. Chris Murphy (D-Conn.) and Jerry Moran (R-Kan.) are leading an effort urging the Biden administration to coordinate with the Defense Department to donate supplemental COVID-19 vaccine doses to U.S. embassies and consulates.

Why it matters: Millions of Americans living in countries where they are not considered eligible for the vaccine or those living in places where vaccines are not being authorized by the FDA or the World Health Organization may have to wait for months or even years to receive a vaccine.

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Biden order: End the monopoly game

President Biden wants to remake the U.S. economy by injecting more competition into highly concentrated industries including airlines, Big Tech and agriculture to improve choices and prices for consumers.

Why it matters: The ambitious executive order signed Friday directs the federal government to step up antitrust enforcement and regulation. The move marks a sea change from four decades of a hands-off-big-business approach ushered in by Ronald Reagan.

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Migration trends between the U.S. and Mexico have flipped upside down

Data: Pew Research Center; Chart: Danielle Alberti/Axios

The past few years have seen a marked decline in the number of people migrating from the U.S. to Mexico, according to a new Pew Research Center report.

Why it matters: Mexico has long been the largest country of origin for immigrants in the U.S. However, there was even more migration from the U.S. to Mexico in the 2000s and early 2010s— a trend that reversed in the years before the pandemic.

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