showing that personal incomes surged over 10% as consumer spending plunged 13%, the steepest drop ever recorded due to lockdowns keeping Americans at home. Many people also scaled back their spending as they were either furloughed or laid off.
Joseph Brusuelas, chief economist for RSM, said government aid was a critical element in salvaging incomes. Troy Ludtka, an economist at Natixis CIB Americas, a corporate and investment banking firm, said the development marked a victory for ambitious federal programs designed to aid struggling people.
Still, experts say the trend is likely to be short-lived as there are no additional stimulus checks planned and the ramped-up unemployment payments are set to expire on July 31 without further legislation.BANK OF AMERICA: Buy these 13 under-the-radar tech stocks poised to outperform amid flaring China tensions and lasting pandemic damage
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
👍
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
YouTube at 15: The inside story of YouTube's history - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. $THETA You left out the part how YouTube helped amplify white supremacists, flat earthers, anti-vaxxers, and other dangerous nutjobs, all for money to the detriment of society. 15 years to build one of the most detestable piles of shit ever unleashed on society
Source: BusinessInsider - 🏆 729. / 51 Read more »
Amex sees slight improvement from billings - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Franchisees struggle amid pandemic, file for bankruptcy - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Gilead slides 4% after coronavirus drug shows limited benefit in moderately ill patients - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Fauci hardest hit
Source: BusinessInsider - 🏆 729. / 51 Read more »
Elon Musk's biggest worry with SpaceX's first human mission is reentry - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Fingers crossed 🤞 Well, if I were an astronaut, I'd look at the ratings on his cars. Now then, time for them to be worried.
Source: BusinessInsider - 🏆 729. / 51 Read more »