WASHINGTON: U.S. consumer spending rose moderately in February and momentum is set to fade rapidly in the coming months, with the coronavirus pandemic upending life for Americans.
The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.2per cent last month as households spent more on electricity and gas, offsetting decreases in outlays on motor vehicles and parts as well as recreational goods.AdvertisementThe United States now has the most coronavirus cases in the world, with more than 82,000.
"Even if sales made from consumers' smart phones are ringing off the hook, it won't offset for the closure of the shops and malls across much of America done to fight the spread of this deadly disease," said Chris Rupkey, chief economist at MUFG in New York. Wages advanced 0.5per cent last month. Income, excluding government subsidies, will be closely watched for clues on the magnitude of the anticipated economic downturn.
"The current crisis means change is afoot," said Tim Quinlan, a senior economist at Wells Fargo Securities in Charlotte, North Carolina."A record-shattering increase in jobless claims suggests that transfer payments will likely be the only facet of income rising in the months ahead."
Because of hoarding groceries?
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