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
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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.
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