Latest Consumer spending News

This Week: New home sales, US GDP, consumer spending

May. 25, 2020 1:10 AM EDT

A look at some of the key business events and economic indicators upcoming this week: HOUSING MARKET BELLWETHER The economic fallout from the coronavirus pandemic has spared few areas of the economy, and the market for newly built homes is no exception. Sales of new U.S. homes plunged 15.4% in March to a...

FILE - In this Wednesday, May 13, 2020, file photo, a worker at SMC China, a Japanese joint venture pneumatic engineering company, assembles products at a factory in Beijing. As job losses surge, China is joining the United States and other governments in rolling out stimulus spending to revive its virus-battered economy. Companies and the public are looking to the meeting of the ceremonial national legislature starting Friday, May 22, 2020 for details. One closely watched indicator: Whether Beijing skips for the first time setting an economic growth target in a sign of how uncertain even the rest of this year is. (AP Photo/Ng Han Guan, File)

China focused on jobs as national legislature meets

May. 20, 2020 10:20 PM EDT

BEIJING (AP) — As job losses surge, China is joining the United States and other governments in rolling out stimulus spending to revive its virus-battered economy. How much is Beijing ready to spend? Companies and the public are looking to the meeting of the ceremonial national legislature starting Friday...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2020.  Asian shares were mixed Wednesday as market players waffled between hopes for recovery as economies gradually reopen and worries over the havoc wreaked by the pandemic. (AP Photo/Ahn Young-joon)

Asian shares mixed as virus worries counter recovery hopes

May. 19, 2020 11:50 PM EDT

TOKYO (AP) — Asian shares were mixed Wednesday as market players waffled between hopes for recovery as economies gradually reopen and worries over the havoc wreaked by the pandemic. Japan's benchmark Nikkei 225 rose nearly 0.9% in morning trading to 20,606.92 on expectations that a state of emergency...

A woman walks with a child at SouthPark Mall, Wednesday, May 13, 2020, in Strongsville, Ohio. Ohio retail businesses reopened Tuesday following a nearly two-month-long shutdown ordered by Gov. Mike DeWine to limit the spread of the coronavirus. (AP Photo/Tony Dejak)

US retail sales plunged a record 16% in April as virus hit

May. 15, 2020 6:58 PM EDT

BALTIMORE (AP) — U.S. retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened the viability of stores across the country and further weighed down a sinking economy. The Commerce Department’s report Friday on retail...

FILE - In this April 13, 2020, file photo, a couple walks through the capital city's popular shopping mall in Beijing. Factory output rose in April as China’s virus-battered economy reopened but job losses depressed consumer spending, a key driver of growth, challenging the ruling Communist Party's push to revive normal activity. Investment in factories and other fixed assets also improved as businesses reopened after China’s deepest economic slump since at least the 1960s, official data showed Friday, May 15, 2020. (AP Photo/Andy Wong, File)

China economy better but vital consumer demand still feeble

May. 15, 2020 2:12 AM EDT

BEIJING (AP) — Factory output rose in April as China’s virus-battered economy reopened but job losses depressed consumer spending, a key driver of growth, challenging the ruling Communist Party's push to revive normal activity. Investment in factories and other fixed assets also improved as...

FILE - This Aug. 11, 2019 file photo shows credit cards in New Orleans. U.S. consumer borrowing fell in March for the first time in more than eight years, with the category covering credit cards dropping by the largest amount in over three decades, the Federal Reserve reported Thursday, May 7, 2020. (AP Photo/Jenny Kane, file)

Why prospect of deflation could pose a threat to US economy

May. 12, 2020 2:33 PM EDT

WASHINGTON (AP) — The economic paralysis caused by the coronavirus led in April to the steepest month-to-month fall in U.S. consumer prices since the 2008 financial crisis — a 0.8% drop that was driven by a plunge in gasoline prices. And excluding the normally volatile categories of food and energy,...

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 1, 2020. Shares have dropped in Asia after Wall Street ended its best month in 33 years with losses on fresh news of economic carnage from the coronavirus pandemic. (AP Photo/Eugene Hoshiko)

Asian shares fall after Wall St slips on grim economic news

Apr. 30, 2020 11:36 PM EDT

Shares fell in Asia on Friday after a crush of dismal data about the economy helped send markets lower overnight in a meek ending to a historic, juggernaut month for stocks. Most regional markets were closed for May Day holidays. But Japan's Nikkei 225 index slipped 2.3% to 19,730.41 while the S&P/ASX 200 in...

FILE - In this April 29, 2020 file photo, a sign reminding customers of social distancing is posted in the Bink's Outfitters store in Murfreesboro, Tenn. U.S. consumer spending plunged 7.5% in March, reflecting the growing impact of the coronavirus pandemic as Americans complied with stay-at-home orders. (AP Photo/Mark Humphrey, File)

US consumer spending plunges record 7.5%, reflecting virus

Apr. 30, 2020 9:31 AM EDT

WASHINGTON (AP) — U.S. consumer spending plunged 7.5% in March, reflecting the growing impact of the coronavirus pandemic as Americans complied with stay-at-home orders. The Commerce Department said that the spending decline was the sharpest monthly drop on records that go back to 1959, exceeding the...

US consumer spending plunges 7.5% in March, reflecting growing virus impact

Apr. 30, 2020 8:37 AM EDT
WASHINGTON (AP) — US consumer spending plunges 7.5% in March, reflecting growing virus impact.
In this April 15, 2020 photo, people wear facemasks to protect against the spread of the new coronavirus cleans as they ride an escalator at a shopping mall in Beijing. China has reported its biggest economic decline since the 1970s as it fought the coronavirus in the first quarter of the year. (AP Photo/Mark Schiefelbein)

China's economy in worst downturn since '60s in virus battle

Apr. 17, 2020 5:01 AM EDT

BEIJING (AP) — China faces a drawn-out struggle to revive an economy that suffered its biggest contraction since possibly the mid-1960s after millions of people were told to stay home to fight the coronavirus. The world’s second-largest economy shrank by 6.8% from a year earlier in the quarter...