US Consumer Spending Plunged by <br />a Record 13.6 Percent in April Consumer spending data was released <br />by the Bureau of Economic Analysis <br />(BEA) on Friday. The record 13.6 percent plunge <br />equates to a drop of $1.89 trillion. The dive is the greatest <br />month-to-month decline since 1959, <br />when the BEA began keeping track of the numbers. Close to two-thirds of the <br />U.S. economy is generated <br />by consumer spending. In the past 10 weeks, <br />nearly 40 million people have <br />applied for unemployment due <br />to the coronavirus pandemic. Data reveals that Americans <br />are saving more money than spending. Gross domestic product is <br />expected to drop up to <br />40 percent between April and June.
