U.S. consumer spending plunged 7.5% in March, reflecting the growing impact of the coronavirus pandemic as Americans complied with stay-at-home orders.
FILE - In this April 29, 2020 file photo, a sign reminding customers of social distancing is posted in the Bink's Outfitters store in Murfreesboro, Tenn.
The Commerce Department said that the spending decline was the sharpest monthly drop on records that go back to 1959, exceeding the previous record, a decline of 2.1% in January 1987. Consumer spending accounts for 70% of economic activity and has been the economy’s standout performer in recent years However, with further sharp spending declines forecast, analysts are predicting that GDP will shrink by around 40% in the current April-June quarter, the biggest quarterly decline on record.
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