U.S. consumer spending suffered another month of record decline in April as the COVID-19 pandemic undercut demand, buttressing expectations that the economy could contract in the second quarter at its steepest pace since the Great Depression.
FILE PHOTO: A restaurant serves cocktails for takeout during the coronavirus disease outbreak in the Manhattan borough of New York City, U.S., May 23, 2020. REUTERS/Jeenah Moon/File Photo
There were also decreases in spending at restaurants, which have shifted to delivery and pick-up service only, and hotels and motels. Spending on food and beverages fell in April. But the economic slump could be close to bottoming as businesses reopen after shuttering in mid-March to slow the spread of COVID-19.
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