India  
 
NewsR.in

US Consumer Spending Plunged by a Record 13.6 Percent in April

Video Credit: Wibbitz Top Stories - Duration: 00:58s - Published
US Consumer Spending Plunged by a Record 13.6 Percent in April

US Consumer Spending Plunged by a Record 13.6 Percent in April

US Consumer Spending Plunged by a Record 13.6 Percent in April Consumer spending data was released by the Bureau of Economic Analysis (BEA) on Friday.

The record 13.6 percent plunge equates to a drop of $1.89 trillion.

The dive is the greatest month-to-month decline since 1959, when the BEA began keeping track of the numbers.

Close to two-thirds of the U.S. economy is generated by consumer spending.

In the past 10 weeks, nearly 40 million people have applied for unemployment due to the coronavirus pandemic.

Data reveals that Americans are saving more money than spending.

Gross domestic product is expected to drop up to 40 percent between April and June.


You Might Like


Related videos from verified sources

U.S. consumer spending falls a record 13.6% in April [Video]

U.S. consumer spending falls a record 13.6% in April

New information shows another shocking statistic. Consumer spending in the U.S. plunged by a record-shattering 13.6% in April. That comes out to about 1.89 trillion dollars. Last month's spending..

Credit: KTNV Channel 13 Las Vegas     Duration: 00:29Published
American Spending Tanks [Video]

American Spending Tanks

The COVID-19 Pandemic has cratered the global economy. U.S. consumers reduced spending by the most on record for the second straight month in April. Reuters reports that savings is at an all-time..

Credit: Wochit     Duration: 00:32Published
COVID-19 Shutdowns Cause Record Drop in Retail Sales [Video]

COVID-19 Shutdowns Cause Record Drop in Retail Sales

According to a new report from the United States Commerce Department, retail sales in April 2020 plunged a devastating 16.4 percent

Credit: Cover Video STUDIO     Duration: 01:25Published