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Other data released on Thursday showed that the number of new claims for unemployment benefits fell to its lowest level in nearly 50 years last week, consolidating the momentum of sustained strong economic growth in the United States. Earlier this year, fears of a sudden slowdown in economic growth intensified after a series of weak economic data were released.
The U.S. Treasury bond yield curve was upside down at the end of March, heightening concerns about the slowdown. But those concerns were dispelled after fairly optimistic data on trade, inventory and construction spending were released in recent weeks. These data suggest that growth in the first quarter may be faster than moderate growth in the fourth quarter of 2018.
In a brown paper released Wednesday by the Federal Reserve, U.S. economic activity is growing at a "moderate to moderate" pace in March and early April. The brown paper shows that some of the Fed's regions reported "increased economic activity".
"The rebound in retail sales highlights that the domestic outlook remains bright and is well supported by the job market, dispelling misguided fears that the U.S. economy is sliding into recession," said Kathy Bostjancic, head of macro-investor services at the Oxford Institute of Economics.
The U.S. Department of Commerce announced that retail sales grew by 1.6% in March, the biggest increase since September 2017, and fell by 0.2% in February. Economists surveyed by Reuters had expected retail sales to grow by 0.9% in March.


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