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.