Consumer Spending and Personal Income Both See Big Drop
May 1, 2020
U.S. consumer spending saw the biggest drop on record in March. Spending was down 7.5% according to the Commerce Department, the largest monthly drop since records began to be collected in 1959.
Personal income also fell dramatically in March, as millions of Americans were laid off or furloughed. Personal incomes were down 2%, which wages and salaries down 3.1%.