US Consumer Spending Plunged by a Record 13.6 Percent in April

US Consumer Spending Plunged by a Record 13.6 Percent in April Consumer spending data was released by the Bureau of Economic Analysis (BEA) on Friday.

The record 13.6 percent plunge equates to a drop of $1.89 trillion.

The dive is the greatest month-to-month decline since 1959, when the BEA began keeping track of the numbers.

Close to two-thirds of the U.S. economy is generated by consumer spending.

In the past 10 weeks, nearly 40 million people have applied for unemployment due to the coronavirus pandemic.

Data reveals that Americans are saving more money than spending.

Gross domestic product is expected to drop up to 40 percent between April and June.