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US consumer spending up 5.6%, but virus could stall gains

(MGN)
Published: Jul. 31, 2020 at 8:30 AM CDT
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WASHINGTON (AP) - American consumers increased their spending in June by a solid 5.6%, helping regain some of the record plunge that occurred after the coronavirus struck hard in March and paralyzed the economy. But the virus’ resurgence in much of the country could impede further gains.

Last month’s rise in consumer spending followed a seasonally adjusted 8.5% surge in May after spending had plunged the previous two months when the pandemic shuttered businesses, caused tens of millions of layoffs and sent the economy into a recession.

Copyright 2020 Associated Press. All rights reserved.

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