Latest Consumer spending News

FILE - This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. U.S. consumers reduced their borrowing for a third straight month in May 2020 as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt. The Federal Reserve reported Wednesday, July 8, 2020 that consumer borrowing declined by $18.3 billion in May, a drop of 5.3%.  (AP Photo/Jenny Kane, File)

US consumers reduced their borrowing by $18.3 billion in May

Jul. 8, 2020 4:46 PM EDT

WASHINGTON (AP) — U.S. consumers reduced their borrowing for a third straight month in May as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt. The Federal Reserve reported Wednesday that consumer borrowing declined by $18.3 billion in May, a drop...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 8, 2020. Asian shares were mostly lower Wednesday as uncertainty over the pandemic sapped the buying enthusiasm that has been driving prices higher. (AP Photo/Ahn Young-joon)

Asian shares mixed as pandemic saps buying momentum

Jul. 7, 2020 11:37 PM EDT

TOKYO (AP) — Shares were mixed in Asia on Wednesday as uncertainty over the pandemic sapped the buying enthusiasm that has been driving prices higher. The selling followed a deeper pullback on Wall Street and in France, Germany and elsewhere after the European Union’s executive arm said this...

Shoppers, left, head to the entrance as a sign on the outside wall invites customers to shop inside a Best Buy store Wednesday, June 24, 2020 in Richfield, Minn. as restrictions due to the coronavirus have eased in Minnesota. (AP Photo/Jim Mone)

US consumer spending up 8.2%, partly erasing record plunge

Jun. 26, 2020 10:56 AM EDT

WASHINGTON (AP) — American consumers increased their spending by a record 8.2% in May, partly erasing huge plunges the previous two months, against the backdrop of an economy that’s likely shrinking by its steepest pace on record this quarter. Last month's rebound in consumer spending followed...

US consumer spending jumped 8.2% in May in partial rebound from record drop, but economy is still seen as shrinking

Jun. 26, 2020 8:33 AM EDT
WASHINGTON (AP) — US consumer spending jumped 8.2% in May in partial rebound from record drop, but economy is still seen as shrinking.
A woman walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Wednesday, June 24, 2020. Asian shares were mostly higher on Wednesday with another mood boost from Wall Street, but fears persist over the surge in coronavirus cases in parts of the world. (AP Photo/Eugene Hoshiko)

Asia shares higher after US rally despite rising virus fears

Jun. 23, 2020 11:25 PM EDT

TOKYO (AP) — Asian shares were mostly higher on Wednesday with another mood boost from Wall Street, but fears persist over the surge in coronavirus cases in parts of the world. Japan's benchmark Nikkei 225 edged 0.1% higher to 22,576.63. Australia's S&P/ASX 200 also picked up 0.1% to 5,958.40. South...

This Week: New home sales, Nike earns, consumer spending

Jun. 22, 2020 9:54 AM EDT

A look at some of the key business events and economic indicators upcoming this week: HOUSING MARKET BELLWETHER The Commerce Department issues its May tally of new U.S. home sales Tuesday. Sales slowed in March as businesses closed in an effort to contain the coronavirus outbreak, but they picked up again in...

A passer-by holding a mobile device walks past a store window, Tuesday, June 16, 2020, in Cambridge, Mass. According to the Commerce Department U.S. retail sales jumped by a record 17.7% from April to May, with spending partially rebounding after the coronavirus had shut down businesses, flattened the economy and paralyzed consumers during the previous two months. (AP Photo/Steven Senne)

US shoppers returned with vigor in May in partial rebound

Jun. 16, 2020 1:46 PM EDT

BALTIMORE (AP) — American shoppers ramped up their spending on store purchases by a record 17.7% from April to May, delivering a dose of energy for retailers that have been reeling since the coronavirus shut down businesses, flattened the economy and paralyzed consumers during the previous two months. The...

FILE - In a  April 30, 2020 file photo, a man walks by a closed store during the COVID-19 in Chicago. Layoffs are declining and hiring is slowly picking up, yet it's not really clear where the job market goes next.  (AP Photo/Nam Y. Huh, File)

Can job market sustain its gains? Uncertainties cloud future

Jun. 15, 2020 3:18 PM EDT

WASHINGTON (AP) — Layoffs are slowing, unemployment is declining and hiring is gradually rising, suggesting that a steady rebound may be afoot in the U.S. job market. Or is it? So many uncertainties are overhanging the economy that no one knows whether hiring will expand steadily in the months ahead or...

FILE - In this March 28, 2020, file photo, a lantern hangs outside an empty restaurant in the Shimbashi section of Tokyo. Japan’s economy is still in recession but contracted at a smaller rate than initially estimated for the first quarter, according to government data released Monday, June 8, 2020. (AP Photo/Jae C. Hong, File)

Japan says economy contracted less than earlier reported

Jun. 7, 2020 11:36 PM EDT

TOKYO (AP) — Japan reported Monday that its economy contracted at an annual rate of 2.2% in January-March, less than initially estimated. The update from the Cabinet Office was an improvement on the 3.4% contraction earlier reported. It said private sector demand had not dropped as much as previously...

Protesters and National Guardsmen face off on East Lake Street, Friday, May 29, 2020, in St. Paul, Minn.  The massive protests sweeping across U.S. cities following the police killing of a black man in Minnesota have elevated fears of a new surge in cases of the coronavirus. Images showing thousands of screaming, unmasked protesters have sent shudders through the health community, who worry their calls for social distancing during the demonstrations are unlikely to be heard.   (AP Photo/John Minchillo)

US cities fear protests may fuel new wave of virus outbreaks

May. 30, 2020 8:18 PM EDT

LOS ANGELES (AP) — The massive protests sweeping across U.S. cities following the police killing of a black man in Minnesota have sent shudders through the health community and elevated fears that the huge crowds will lead to a new surge in cases of the coronavirus. Some leaders appealing for calm in...