US Consumer Spending Up, But Could Dip as COVID Caseload Grows
U.S. consumers increased their spending by 5.6% in June, the Commerce Department said Friday, following a record 8.5% consumer spending jump in May.
Analysts, however, say the effects of a rapidly increasing coronavirus caseload could wipe out the turnaround.
“The pace of the [economic] recovery looks like it has slowed since the cases began that spike in June,” said Federal Reserve chief Jerome Powell at a press conference Wednesday.
The spending increase was bolstered by economic reopening, federal