US consumer spending falls by 13.6% in April, a new low
Inflation was also weak, with the personal consumption expenditures price index at its weakest since Sept 2001
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Washington
US CONSUMER spending suffered another month of record decline in April as the Covid-19 pandemic undercut demand, buttressing expectations that the economy could contract in the second quarter at its steepest pace since the Great Depression.
Inflation was also weak in April, with the personal consumption expenditures (PCE) price index (excluding the volatile food and energy components) falling 0.4 per cent. That was the weakest reading since September 2001 and followed an unchanged reading in March.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
