Personal income surges by most on record as Biden delivers stimulus checks

Biden’s spending spree is ‘stealing’ America’s future: Rep. Gimenez

Rep. Carlos Gimenez, R-Fla., warns President Biden’s proposed tax hikes and infrastructure plan will kill jobs and discusses the migrant surge on the southern border.

Consumers’ spending and personal income soared in March as more vaccinations fueled a further reopening of the U.S. economy and as the government sent out stimulus checks to millions of Americans. 

Consumer spending rose 4.2% last month, edging out the 4.1% increase that analysts surveyed by Refinitiv were expecting. 

Personal incomes, meanwhile, surged a record 21.1% versus the prior month, topping the 20.3% increase that was anticipated. The spike came as the government sent out $1,400 checks to most Americans as part of the American Rescue Plan. 

This story is developing. Check back for updates. 

Grainger Q1 Results Top Estimates; Sees 2021 Above View

W.W. Grainger Inc. (GWW) reported that its first-quarter net earnings attributable to the company rose to $238 million or $4.48 per share from $173 million or $3.19 per share in the prior year, reflecting higher operating earnings.

Reported operating earnings for the first quarter of 2021 of $358 million were up 126% versus the first quarter of 2020, primarily due to charges taken in the first quarter of 2020 related to the now divested Fabory business. On an adjusted basis, operating earnings for the quarter of $358 million were up 4% versus the first quarter of 2020.

Adjusted earnings per share in the quarter of $4.48 increased 6% versus the first quarter of 2020. Analysts polled by Thomson Reuters expected the company to report earnings of $4.30 per share. Analysts’ estimates typically exclude special items.

Sales for the first-quarter were $3.08 billion, up 2.8% and up 5.9% on an organic, daily, constant currency basis compared to the first quarter 2020 driven by strong performance in both the High-Touch Solutions North America and Endless Assortment segments. Analysts expected revenues of $3.05 billion for the quarter.

Looking ahead for fiscal year 2021, the company projects earnings per share to be in the range of $19.00 – 20.50, and net sales of $12.7 billion – $13.0 billion. Wall Street currently is looking for fiscal year 2021 earnings of $18.6 per share on annual revenues of $12.38 billion.

Biden says all schools 'should probably all be open' by the fall of 2021

• The “Today” show released its interview with President Joe Biden on Tuesday.
• Biden said “based on science and the CDC” schools “should probably all be open” in the fall.
• There’s “not overwhelming evidence that there’s much of a transmission among these young people,” he added.
• See more stories on Insider’s business page.

President Joe Biden has said that schools for all ages should “probably all be open” by the fall of 2021.

“Based on science and the CDC, they should probably all be open,” Biden told the “Today” program in an interview released Thursday.

“There’s not overwhelming evidence that there’s much of a transmission among these young people.”

COVID-19 vaccines are not available for children yet, and are unlikely to be by the fall. Earlier this month Dr. Anthony Fauci predicted that “kids of any age” will be able to receive a COVID-19 vaccine by 2022. 

Schools across the country are in the process of reopening for in-person learning.

But a full reopening has become a political issue: As Insider previously reported, many school districts don’t have the funding for health measures that would reduce infection risk, and some districts aren’t enforcing mask wearing, which could lead to infection spikes.

Chicago Business Barometer Unexpectedly Jumps To Highest Level Since 1983

Chicago-area business activity unexpectedly saw faster growth in the month of April, according to a report released by MNI Indicators on Friday.

MNI Indicators said its Chicago business barometer jumped to 72.1 in April from 66.3 in March, with a reading above 50 indicating growth. Economists had expected the index to edge down to 65.3.

With the unexpected increase, the Chicago business barometer reached its highest level since December of 1983.

The advance by the headline index came as the new orders index climbed by 9.9 points to a nearly seven-year high, while the production index up by 0.9 points to its highest level since January of 2018.

MNI Indicators said anecdotal evidence suggests an anticipated increase in business activity, partly because firms are overbuying due to raw material shortages.

The report showed the order backlogs index surged up by 16.2 points to its highest level since December of 1973, as firms are experiencing difficulties in getting certain components and raw materials.

The employment index also rose by 1.7 points to its highest level since August of 2018, remaining in expansion territory for the second straight month.

MNI Indicators said prices paid index also skyrocketed a further 11.1 points in April, surging to a 41-year high, as raw material shortages and transportation problems continue to weigh on companies cost burden.

Imperial Oil Swings To Profit In Q1 – Quick Facts

Imperial Oil Ltd. (IMO,IMO.TO) reported Friday a first-quarter net income of C$392 million or C$0.53 per share, compared to a net loss of C$188 million or C$0.25 per share in the prior-year quarter.

Total revenues and other income for the quarter grew to C$7.0 billion from C$6.69 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of C$0.53 per share on revenues of C$8.16 billion for the quarter. Analysts’ estimates typically exclude special items.

The company’s production averaged 432,000 gross oil-equivalent barrels per day in the quarter, up from 419,000 barrels per day in the same period of 2020.

Upstream production for the first quarter averaged 432,000 gross oil-equivalent barrels per day, the highest first quarter production in 30 years. Downstream throughput averaged 364,000 barrels per day in the first quarter, with utilization at 85 percent.