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Consumer spending up a slight 0.5% as virus maintains grip - Black News Channel

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By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — U.S. consumers increased their spending by a sluggish 0.5% last month, the weakest rise since April, when the pandemic first erupted, and a sign that Americans remain wary with the virus resurging across the country and threatening the economy. The October gain reported Wednesday by the Commerce Department followed a seasonally adjusted 1.2% increase in September. It suggested that consumer spending, the primary driver of the U.S. economy, is being restrained by a weakened economy and by the failure of Congress to provide another stimulus package to struggling individuals and businesses. […]

The post Consumer spending up a slight 0.5% as virus maintains grip appeared first on Black News Channel.

Source: Black News Channel - Black News Channel
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