Consumer Spending Fell a Record 13.6% in April

[mahatmakanejeeves]

Source: The Wall Street Journal.

ECONOMY | ECONOMIC DATA
Consumer Spending Fell a Record 13.6% in April
Personal income rose 10.5% on impact of federal-stimulus payments; signs emerge that purchases are slowly starting to pick up

By Sarah Chaney and Gwynn Guilford
Updated May 29, 2020 9:56 am ET

U.S. consumer spending, the U.S. economy’s main engine, fell by a record 13.6% in April during coronavirus lockdowns, but there are signs that purchasing is starting to pick up.

Personal income, which includes wages, interest and dividends, increased 10.5% in April, the Commerce Department reported Friday. The jump reflected a sharp rise in government payments through federal rescue programs, primarily household stimulus payments of $1,200. Unemployment insurance payments also rose sharply. Wages and salaries were down 8%...

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Read more: https://www.wsj.com/articles/consumer-spending-personal-income-coronavirus-april-2020-11590701150

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U.S. consumer spending fell by a record 13.6% in April during coronavirus lockdowns, but there are signs that purchasing is starting to pick up

Link to tweet

[Bengus81]

1. You can lead a horse to water but you can't make it drink..........

They'll be finding that out with all this premature "opening" too.

[Historic NY]

2. The Republican mindset is in warmer weather it will all go away....

Last edited Fri May 29, 2020, 12:35 PM - Edit history (1)

that's what the golden cow wants people to believe. There is a long road back, most priorities will be keeping the roof over one's head and feeding ones family. I'd don't see a lots of jobs coming back overnight either, there will be a scramble for what become available.

Lord help us if there is a boomerang.

[Roc2020]

4. that's simply willfully ignorant

the virus is exploding in India and Brazil, India has record heat right now over 105 degrees and Brazil is in the 90s. So anyone that believes that is probably only watching OAN network.

[Bengus81]

6. When IQ45 was making that insane statement months ago it was 100+ in Australia...

Guess Trump thinks on Earth it's winter everywhere,then it becomes summer everywhere etc,etc......

[Roc2020]

9. IQ45....

love it!

[Bengus81]

10. Yep...wish I could take credit. Don't know if it was "invented" on DU?

[IronLionZion]

13. That's why they want more global warming

to save us from viruses

[LogicFirst]

3. People would spend more if . . .

products were for sale. For example: I have a list of 6 items I want to buy, but all 6 items are “out of stock”. These are common, everyday items. I can’t spend if retailers aren’t selling. Don’t blame the consumer, blame the retailer, who will blame the trucker, who will blame the manufacturer.

[Roc2020]

7. and your point is what so dangerous about the economy

right now. people can have all the money in the world. If the products are not available for whatever reason...manufacturer wholesaler transport or retailer then the country is in danger of what happened to zimbabwe recently or europe in the 30s, hyperinflation. little to no economic growth, explosive printing of money, mass unemployment etc. America is in a far deep trouble than anyone really knows.

[PatrickforO]

11. That's the problem. The prices of basic items are going up, up, up, while

demand is way down for bigger ticket durable goods, like cars and appliances.

[Roc2020]

15. Yes. And it's mostly the big ticket item where those bragging 'gdp'

numbers are made. the reckoning for the consumer economy is here in stark living color.

[Stuart G]

5. We are headed for a deep recession.(or worse) Nothing will save Trump as it gets worse and worse.

[PatrickforO]

12. Hope so, but Trumpy is lining us up for a race war.

He hopes to get all the white people in the suburbs to vote him back in over fear of the blacks rioting. Same thing happened back in the sixties when the Republicans blew into power. Remember Nixon's 'silent majority?'

[duforsure]

8. I'm not spending on anything until...

trump is out of office, and spending on local when I have to buy . The American people have more power than we think when a illegitimate president is installed ,and we do have the majority to use against him. It also works boycotting companies that support him, and help finance this mess he's made. The election can't get here fast enough. trump has killed any chance the Republicans will keep control anywhere. He's still dragging them down to hell, and they know it now too. lol.

[Miguelito Loveless]

14. Too low

The numbers are being fabricated.

[elias7]

16. That's all? My discretionary spending fell a lot more than that...

It will continue. I’m not counting on anything...