US Commerce Dept Reports Biggest Drop On Record In This Key Metric

A new report from the US Commerce Department released some grim news about the economy on Thursday.

According to Business Insider, personal consumption expenditures fell 7.5% in March.

Personal incomes also dropped by 2%.

Accounting for roughly 70% of US gross domestic product, the plunge in spending is the largest drop on record.

The report reflects the effects of major lockdowns that swept across the US in March to slow the spread of COVID-19.