Consumer spending fell 7.5% in March, the steepest monthly decline in records tracing back to 1959. Household incomes fell 2%.
The U.S. government is likely to report Thursday that consumer spending, the economy’s key driver, fell sharply in March as many businesses closed and laid off workers to curb the spread of the new coronavirus.
Economists surveyed by The Wall Street Journal forecast the Commerce Department will report Thursday that household spending declined 5% last month, which would mark the steepest monthly decline in records tracing back to 1959.
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