Consumer Spending Falls 7.5% in March

Consumer spending fell by 7.5 percent in March, a according to the U.S. Bureau of Economic Analysis, which is a major shift in the small monthly increases seen prior to the COVID-19 outbreak.

The decrease was $829.9 billion in spending for services and a $104.9 billion in spending for goods.

Meanwhile, personal income fell by two percent, down to $382.1 billion. Personal income had also been posting slight monthly increases over the last year.

Read the full report here.