Read more about US June consumer spending up 5.6%, but Covid-19 could stall gains on Business Standard. So deep was the pullback in the spring that even with two months of gains, consumer spending was still down at a record annual rate of 34.6% in the April-June quarter
American consumers increased their spending in June by a solid 5.6 per cent, helping regain some of record plunge that occurred after the struck hard in March and paralyzed the But the virus’ resurgence in much of the country could impede further gains.
Last month’s rise in followed a seasonally adjusted 8.5% surge in May after spending had plunged the previous two months when the pandemic shuttered businesses, caused tens of millions of layoffs and sent the into a recession.
