US Commerce Dept Reports Biggest Drop On Record In This Key Metric
W
Wochit Entertainment
43 Views • Apr 30, 2020
Description
A new report from the US Commerce Department released some grim news about the economy on Thursday.
According to Business Insider, personal consumption expenditures fell 7.5% in March. Personal incomes also dropped by 2%.
Accounting for roughly 70% of US gross domestic product, the plunge in spending is the largest drop on record.
The report reflects the effects of major lockdowns that swept across the US in March to slow the spread of COVID-19.
In just six weeks, 30 million Americans have filed for unemployment insurance. Roughly 10 million of those filings took place in March.
Overall, the US economy shrunk by 4.8% in the first quarter of 2020.
According to Business Insider, personal consumption expenditures fell 7.5% in March. Personal incomes also dropped by 2%.
Accounting for roughly 70% of US gross domestic product, the plunge in spending is the largest drop on record.
The report reflects the effects of major lockdowns that swept across the US in March to slow the spread of COVID-19.
In just six weeks, 30 million Americans have filed for unemployment insurance. Roughly 10 million of those filings took place in March.
Overall, the US economy shrunk by 4.8% in the first quarter of 2020.
More from User
01:05
COVID-19: Child under 10 becomes the youngest Australian to die
Wochit Entertainment
01:03
Woman born with no womb gives birth to two children
Wochit Entertainment
01:06
Was Meghan boring on the Ellen show on purpose?
Wochit Entertainment
01:07
This is why the Queen's hands are purple in the recent photograph
Wochit Entertainment
01:01
CAT REUNION
Wochit Entertainment
01:08
Love Island’s Amber Gill possibly double dated by Jack Grealish
Wochit Entertainment
Related Videos
00:57
The coronavirus pandemic is leaving sex workers jobless—so why can't they file for unemployment?
Hello Giggles
09:45
coronavirus (COVID-19). History of coronavirus. SARS, MERS, and COVID-19. Symptoms of covid-19. What is pandemic? What are 5 stage of corona virus. How does WHO decides it? Pandemic, Epidemic, Endemic and Out-break.
Positive Flavor
05:00
Coronavirus Pandemic – July 3, 2020 - USA PANDEMIC CORONAVIRUS COVID19
VIDEOS VIRALES & TENDENCIA
03:54
Coronavirus Epedemic, Italy Coronavirus Conditions, USA Coronavirus Pandemic
Ram Krishan Saran
00:45
US Commerce Dept Reports Biggest Drop On Record In This Key Metric
Wochit Business
00:45
US Commerce Dept Reports Biggest Drop On Record In This Key Metric
Wochit