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Budget 2021

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Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo

COVID-19 pandemic: US consumer spending tumble in April

The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, plunged 13.6 percent last month.

May 29, 2020 / 06:53 PM IST

US consumer spending dropped by a record in April as the COVID-19 pandemic undercut demand, buttressing expectations that the economy could contract in the second quarter at its steepest pace since the Great Depression.

The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, plunged 13.6 percent last month. That was the biggest drop since the government started tracking series in 1959, and followed a 6.9 percent tumble in March.

Economists polled by Reuters had forecast consumer spending plummeting 12.6 percent in April.

Follow our full coverage of the coronavirus pandemic here.

 
Reuters
first published: May 29, 2020 06:49 pm

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