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Drudge Retort: The Other Side of the News
Saturday, May 16, 2020

Consumer spending tumbled a record 16.4% in April as the backbone of the U.S. economy retrenched amid the coronavirus pandemic, according to a government report Friday. Economists surveyed by Dow Jones expected the advanced retail sales number to fall 12.3% after March's reported 8.3% dive already had set a record for data going back to 1992. The March numbers were revised to be not as bad as the 8.7% initially reported. Some 68% of the nation's $21.5 trillion economy comes from personal consumption expenditures, which tumbled 7.6% in the first quarter just as social distancing measures aimed at containing the coronavirus began to take effect. The collapse in retail spending comes amid job losses unseen in the post-World War II U.S. Some 36.5 million Americans have filed claims for jobless benefits over the past eight weeks.

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Save your pennies, tough times ahead.

#1 | Posted by bored at 2020-05-16 02:03 PM | Reply

Some 36.5 million Americans have filed claims for jobless benefits over the past eight weeks.

There would be 100 million jobless if not for the orange lard barge's steady leadership.

#2 | Posted by reinheitsgebot at 2020-05-16 02:49 PM | Reply

Another individual stimulus would put most of the money back into the economy... rather than in big corps pockets.

#3 | Posted by Corky at 2020-05-16 05:15 PM | Reply

Consumer Spending Plummets 16.4% in 1 Month

I sure as heck wouldn't know it by my trip to town yesterday. The parking lots and stores were as full as they are before Christmas.

#4 | Posted by Whatsleft at 2020-05-17 11:03 AM | Reply

#4 - It's going to get ugly around mid-August.

#5 | Posted by getoffmedz at 2020-05-17 01:17 PM | Reply

Another individual stimulus would put most of the money back into the economy... rather than in big corps pockets.

#3 | POSTED BY CORKY

The irony of it is that most of the money ends up in big corps pockets, anyway. It just goes through our hands first so their cut is a little smaller.

#6 | Posted by WhoDaMan at 2020-05-17 01:37 PM | Reply

just like coronavirus testing if people are not receiving unemployment checks they are not considered unemployed and therefore does not elevate the metric in the administration's mind. This is precisely how unemployment numbers have worked throughout my entire life. I hope the entire government is destroyed completely we need a bigger boat.

#7 | Posted by redlightrobot at 2020-05-17 05:26 PM | Reply

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