U.S. consumer spending rebounded by the most on record in May, but the gains are not likely to be sustainable
The surge in spending reported by the Commerce Department on Friday is also under threat from a jump in coronavirus cases in many parts of the country, including densely populated California, Texas and Florida. The rising COVID-19 infections chipped at consumer sentiment in the second half of June. Confidence in government economic policies dropped in June to the lowest level since President Donald Trump entered the White House.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 8.2% last month. That was largest increase since the government started tracking the series in 1959. Consumer spending tumbled by a historic 12.6% in April. But personal income dropped 4.2%, the most since January 2013, after surging by a record 10.8% in April when the government handed out one-time $1,200 checks to millions of people and boosted unemployment benefits to cushion against the COVID-19 hardship. The payments are part of a historic fiscal package worth nearly $3 trillion.
Wages rebounded 2.7% after dropping 7.6% in April. But gains could fizzle amid record unemployment and raging COVID-19 infections. Economists said the plunge in income underscored the need for additional government stimulus to avoid a so-called fiscal cliff on July 31. Historically high savings could support spending. Economists, however, caution that heightened uncertainty could prompt consumers to hunker down and conserve their income.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Spring breakers may have brought COVID-19 back to their communities, study saysWhile young adults tend not to be severely affected by the novel coronavirus, experts say they may have spread the virus to other people when they returned from break.
続きを読む »
On The COVID-19 Campaign Trail, Montana's Gov. Steve Bullock May Be Getting A BoostMontana now has the lowest coronavirus infection rate in the country. And the pandemic — and Gov. Steve Bullock's handling of it — is fast becoming a central issue in his campaign to unseat Republican Sen. Steve Daines.
続きを読む »
CDC says COVID-19 cases in U.S. may be 10 times higher than reportedUPDATE: 'Our best estimate right now is that for every case that's reported, there actually are 10 other infections,' CDC director Dr. Robert Redfield said Thursday. For every confirmed case of COVID-19, 10 more people had antibodies, Redfield said.
続きを読む »
Spring breakers may have brought COVID-19 back to their communities, study saysAs colleges and universities make decisions about returning to in-person classes this fall, they may be able to keep surrounding communities safe by discouraging student travel during college breaks. The new study out of Ball State and Vanderbilt used GPS smartphone data to track the movement of more
続きを読む »
Breakthrough Drug for COVID-19 May Be Risky for Mild CasesScientists in Britain announced a major breakthrough in the battle against the coronavirus last week, reporting they had found the first drug to reduce deaths among critically ill COVID-19 patients.The results were first made public in a sparsely detailed news release. Now the full study, neither peer
続きを読む »