US Consumer Spending Up, But Could Dip as COVID Caseload Grows

Posted on July 31, 2020 10:16 am

Original feed source click here and original story source click here


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.  

FILE – Federal Reserve Chair Jerome Powell speaks during a news conference in Washington, March 3, 2020.

“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