U.S. consumer spending dropped by a record 13.6% in April
The report from the Commerce Department on Friday also showed an economy highly reliant on the government, with financial aid checks from a historic fiscal package worth nearly $3 trillion driving a record surge in personal income.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, plunged 13.6% last month, the biggest drop since the government started tracking the series in 1959. It eclipsed the previous all-time decrease of 6.9% in March. Spending declined at restaurants, which have shifted to delivery and pick-up service only, and hotels and motels. Spending on food and beverages fell in April.But the COVID-19 crisis boosted incomes for consumers in April, with the government transferring an additional $3 trillion to households. It doled out one-time $1,200 checks to millions of people and boosted unemployment benefits for the roughly 31 million out of work to cushion against economic hardship wrought by the pandemic.
“If it takes longer to reopen the economy, these savings will be used for sustenance over the next few months. They will limit the decline, but not fuel a sharp rebound.” In a second report on Friday, the Commerce Department said goods exports tumbled 25.2% to $95.4 billion in April, a 10-year low. The broad decline in exports was led by a 65.9% collapse in shipments of motor vehicles and parts. That outpaced a 14.3% tumble in imports. As a result, the goods trade deficit widened 7.2% to 69.7 billion last month.
FILE PHOTO: Mannequins are seen inside a closed luxury store on 5th Avenue, during the outbreak of the coronavirus disease , in Manhattan, New York city, New York, U.S., May 11, 2020. REUTERS/Mike Segar/File Photo
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