06/01/2020

COVID-19 Pandemic Triggers Record Drop in U.S. Consumer Spending

The pandemic decreased US consumer spending by a record 13.6 percent

Consumer spending dropped by a record 13.6 percent in April amid the economic fallout of the COVID-19 (coronavirus) pandemic, according to data released by the Department of Commerce on Friday.

That 13.6 percent drop represents a decrease of $1.89 trillion in personal consumer spending, according to the data.

By comparison, personal consumer spending increased 0.4 percent in both December and January and grew 0.2 percent in February before dropping 6.9 percent in March.

Please select this link to read the complete article from The Hill.