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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	US personal consumption plunged a record 13.6 percent in April, the first full month where businesses closed their doors and shoppers stayed home to stop the coronavirus, the Commerce Department said Friday. Prices also dropped by 0.5 percent, the biggest drop in more than five years, according to the PCE price index, as slowing consumption was worsened by mass layoffs that have now put some 40 million Americans out of work, at least temporarily. The data were better than analysts' expected but nonetheless the latest sign of the damage inflicted on the world's largest economy, where key sectors have seen their operations snarled by measures aimed at stopping the pandemic that has killed more than 100,000 people. "Household spending will likely continue to be impacted going forward by a more cautious attitude by consumers as job losses continue to mount," Rubeela Farooqi of High Frequency Economics said. "However, we think April likely marked the bottom and activity could be less weak in May and June." Fueling the $1.89 trillion drop in consumption were decreases in spending on food and accommodation as people stopped traveling and going out. Income took an incongruent turn, shooting up by 10.5 percent in April, a spike caused by the government's massive $2.2 trillion CARES Act which boosted unemployment benefits and included direct payments to all Americans. However, if those payments are excluded along with other government social benefits, income actually fell 6.3 percent, which Harvard University economist Jason Furman said would be the largest decline ever. And he warned on Twitter that if Congress fails to extend the expanded unemployment payments "these numbers will turn ugly in August." cs/hs
schema:headline	US consumption dove 13.6% in April amid virus lockdowns
schema:mentions	Direct Payments Unemployment benefits Columbidae Ebola virus disease Harvard University United States Congress Pandemic Twitter Coronavirus Jason Furman Personal consumption expenditures price index High Frequency Economics Farooqi United States Department of Commerce Working animal Economy
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-29 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	69 (xsd:integer)

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