With many Americans on Spring Break this week, there were several encouraging numbers regarding travel and leisure spending. Additionally, President Biden announced that he will be unveiling a multitrillion-dollar infrastructure plan in the near future. The week concluded with some more optimistic data on the state of the economy.
Travel and Leisure – With Spring Break in full swing across the country, we are beginning to see a clearer picture of the American public’s appetite for travel and leisure spending. Initial numbers indicate that air travel has already reached 70% of 2019 totals. Spending on sites such as VRBO and Airbnb is over 50% higher than in 2020, and CEOs of companies such as Delta, Disney, and JetBlue have all indicated a significant increase in recent activity.
Source: 361 Capital Market Commentary | March 22nd, 2021
Infrastructure Plan – President Biden announced that he will be releasing the details of his “Build Back Better” infrastructure plan. The plan, which may cost as much as $4 trillion, is designed to pay for traditional roads and bridges, while also tackling climate change and domestic policy issues like income equality.
Economic Data – Two encouraging pieces of data were also released this week:
Initial jobless claims declined by more than 100,000.
The Consumer Sentiment Index rose to 84.9. This number represents the highest levels of consumer confidence since the start of the pandemic.
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