Consumer Spending Dropped By More Than 10% Due COVID-19 Pandemic Lockdowns

Friday, May 29, 2020

With most people on lockdown the past couple of months because of the pandemic, people just weren’t spending as much. In fact, American spending dropped by $1.89 trillion in the month of April. According to the report from the Bureau of Economic Analysis, that’s a 13.6% drop.  The report is bad news considering about two-thirds of our economy runs on consumer spending. Experts have said they worry the second quarter might end up being the worst on record; however, on the flip side, less spending means people are saving more, which increased by 20% in April. 

 

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