With millions out of work due to the pandemic, consumer spending suffered a record-breaking drop in the month of April.
According to the Commerce Department, spending plunged by 13.6% in April – nearly double the 6.9% drop from March, which was already one of the steepest freefalls on record.
Unemployment is currently at 14.7 percent, with over 41 million Americans filing for unemployment claims over the last two months. Some analysts fear the jobless rate could get as high as 20 percent, even with more businesses reopening.
Source: https://www.wsj.com/articles/consumer-spending-personal-income-coronavirus-april-2020-11590701150
