In April, Americans cut their spending by 13.6%
In April, U.S. citizens cut their spending by a record 13.6%; there have not been such terrible indicators for the country's economy since 1959.
According to The Wall Street, spending cuts came amid rising Americans' incomes, which increased by 10.5% in April. Most of this money came from state benefits to combat the effects of coronavirus. But the average wage, on the contrary, decreased by 8%.
Such indicators, according to experts, indicate a slow and long-term recovery of the US economy. Earlier, the possibility of such a scenario was announced by Fed Chairman Jerome Powell.