If the economy is going to accelerate in the second quarter, as many economists expect, after a feeble start to the year, it will likely be consumers who are pressing the pedal. This week’s report on April retail sales will provide the first snapshot of household spending this quarter. The week’s reports will also reveal whether inflation bounced back from an unusual decline in March and the underlying dynamics of the labor market.
The Labor Department on Friday reported a robust 211,000 job gains in April, but March’s payroll additions were revised down to an even weaker 79,000 from 98,000.
