“American spending collapsed by a record 13.6% in April”
May 29, 2020
“American consumer spending ground to a halt during the coronavirus lockdown, and that is a massive problem for the spending-addicted US economy. April’s personal consumption data showed a 13.6% drop in consumer spending, according to a Bureau of Economic Analysis report released Friday. That’s equal to $1.89 trillion.In total the PCE index fell 0.5% from the prior month. Excluding food and energy, for which prices can change more rapidly, the index slipped 0.4%…
Gross domestic product, the broadest measure of economic performance, is expected to drop as much as 40% on an annualized basis between April and June. That would be the worst quarter on record…”
https://www.cnn.com/2020/05/29/economy/us-consumer-spending-april/index.html