CARES Act a major contributor to 8.2% spending increase.
The Commerce Department released a report on Friday documenting American expenditures since the start of the pandemic. After rates plummeted by a record 12.6% in April, the passing of the CARES act that same month helped rates jump by another record of 8.2%, despite an overall decline in personal income.
In his testimony to Congress, Federal Reserve Chairman Jerome Powell expressed doubt that this spike in expenditure would continue without further federal intervention. Consumer spending accounts for 70% of the United States economy, and Powell suggested extending unemployment benefits beyond 6 months, speculating that employment would be slow to recover in the wake of a potential second wave.
As the Lord Leads, Pray with Us…
- For the United States Federal Reserve as they strategize to rebuild the economy.
- For Congress as they keep up to date with the pulse of the American public.
- That the leadership of President Trump would guide us through this continued time of crisis.
Sources: AP
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