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American Spending Tanks

Video Credit: Wochit - Duration: 00:32s - Published
American Spending Tanks

American Spending Tanks

The COVID-19 Pandemic has cratered the global economy.

U.S. consumers reduced spending by the most on record for the second straight month in April.

Reuters reports that savings is at an all-time high.

Economists anticipate the largest contraction in gross domestic product in the second quarter since the Great Depression of the 1930s.

The data this month has been dismal on the labor market, manufacturing production and homebuilding.

Consumer spending plunged 13.6% last month, the biggest drop since the government started tracking the series in 1959


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