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U.S. Consumer Spending Plunges, Jobless Benefits Boost Incomes

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imageStock Markets3 hours ago (May 29, 2020 08:45AM ET)

(C) Reuters. U.S. Consumer Spending Plunges, Jobless Benefits Boost Incomes

(Bloomberg) — U.S. consumer spending, which accounts for about two-thirds of the world’s largest economy, plunged in April by the most on record after the coronavirus pandemic halted purchases of all but the most essential goods and services.

Household outlays fell 13.6% from the prior month, the sharpest drop in Commerce Department records back to 1959, data showed Friday. The median estimate in a Bloomberg survey of economists called for a 12.8% decline.

Incomes posted a 10.5% increase, contrasting with estimates for a decline, as federal economic-recovery payments were distributed, the report said.

U.S. Consumer Spending Plunges, Jobless Benefits Boost Incomes

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Some travellers coming to England will have to quarantine in hotels, over concerns about new Covid variants, the government is expected to announce. Prime Minister Boris Johnson will make a decision after discussing the proposals with senior ministers later. The measures are

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Some travellers coming to England will have to quarantine in hotels, over concerns about new Covid variants, the government is expected to announce. Prime Minister Boris Johnson will make a decision after discussing the proposals with senior ministers later. The measures are

by
Market Overview, Stock Picks
6

The UK’s unemployment rate rose to 5% in the three months to November, up from 4.9%, as coronavirus continued to hit the jobs market. An estimated 1.72 million people were unemployed, the Office for National Statistics said. That was 418,000 more than

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