Consumer spending, the U.S. economy’s key driver, posted its steepest monthly decline in records tracing back to 1959 as much economic activity ceased amid the coronavirus pandemic. The Commerce Department said consumer spending fell 7.5% in March. It also said personal income fell by 2%, the largest decrease since 2013, as employers started to cut payrolls and reduce workers’ hours and compensation. The income figures include wages, salaries, interest, dividends, Social Security and other sources.

Source: Wall Street Journal April 30, 2020 09:33 UTC