Retail sales surged 9.8% in March. Driven by the stimulus, Q1 retail sales saw the strongest quarterly growth since the ’60s. Auto sales also spiked last month, hitting levels not seen in more than three years.
Manufacturing has been especially strong, adding 53,000 jobs. Auto manufacturing is seeing some slowing because of key component shortages. However, overall production in the auto-parts segment is still growing. While some obstacles remain, such as supply-chain constraints and short-term pricing pressure, the overall outlook remains bright.
For more information, download the new April “SEMA Industry Indicators” report today at www.sema.org/research.