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.
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.
Personal incomes also fell sharply last month, declining by 2% with wages and salaries, the largest part of incomes, falling by 3.1% as millions of Americans started getting lay-off notices. . . . more