Latest Consumer spending News

Cashier Druhan Parker, right, works behind a plexiglass shield Thursday, Nov. 19, 2020, as he checks out shoppers Cassie Howard, left, and Paris Black at an in Chicago. The accelerating surge of coronavirus cases across the U.S. is causing an existential crisis for America’s retailers and spooking their customers just as the critically important holiday shopping season nears. (AP Photo/Charles Rex Arbogast)

Retailers brace as virus bears down on consumers and economy

Nov. 21, 2020 10:45 AM EST

WASHINGTON (AP) — LaTonya Story is every retailer’s worst fear. With the viral pandemic re-surging through the country and the economy under threat, Story has decided to slash her holiday shopping budget. She'll spend less than $2,000 this season, down from several thousand dollars in 2019. Worried...

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. Powell said Tuesday, Nov. 17, 2020, that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending.  (AP Photo/Jacquelyn Martin, File)

Fed's Powell says surge in virus cases threatens US economy

Nov. 17, 2020 3:31 PM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending. “We’re seeing states begin to impose some activity restrictions," Powell said in an online...

An employee looks at a computer terminal as she monitors an automated parcel handling line at a warehouse for online retailer JD.com in Beijing, Wednesday, Nov. 11, 2020. Chinese consumers spent over a hundred billion dollars during this year’s Singles’ Day shopping festival, signaling a rebound in consumption as China recovers from the coronavirus pandemic and a battering of the economy. (AP Photo/Mark Schiefelbein)

Chinese shoppers spend over $100 billion in shopping fest

Nov. 11, 2020 12:38 PM EST

HONG KONG (AP) — Chinese consumers spent over a hundred billion dollars during this year’s Singles’ Day shopping festival, signaling a rebound in consumption as China recovers from the coronavirus pandemic and a battering of the economy. From Nov. 1 to Nov. 11, shoppers spent 498.2 billion...

FILE - In this Sept. 15, 2020, file photo, people examine a storefront window as they walk in Boston's fashionable Newbury Street shopping district. Defying fears of another slowdown, U.S. businesses kept hiring at a solid pace in October yet there are signs they remain cautious about the economy's future as the pandemic worsens. (AP Photo/Steven Senne, File)

Hiring held last month but signs of caution as virus worsens

Nov. 6, 2020 4:26 PM EST

WASHINGTON (AP) — Defying fears of another slowdown, U.S. businesses kept hiring at a solid pace in October, yet there are signs they remain cautious about the economy's future as the pandemic worsens. The Labor Department said Friday that employers added 638,000 jobs and the unemployment rate tumbled a...

FILE - This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. U.S. consumers increased their borrowing in September 2020, helped by the first gain in the category that covers credit cards in seven months. The Federal Reserve  Reserve reported that total borrowing rose by $16.2 billion in September, rebounding after a drop of $6.9 billion in August.  (AP Photo/Jenny Kane, File)

US consumer borrowing up $16.2 billion in September

Nov. 6, 2020 3:53 PM EST

WASHINGTON (AP) — U.S. consumers increased their borrowing in September, helped by the first gain in the category that covers credit cards in seven months. The Federal Reserve reported that total borrowing rose by $16.2 billion in September, rebounding after a drop of $6.9 billion in August. The increase...

A passer-by walks past a store closing sign, right, in the window of a department store, Tuesday, Oct. 27, 2020, in Boston.  Americans may feel whiplashed by a report Thursday, Oct. 29,  on the economy's growth this summer, when an explosive rebound followed an epic collapse.  The government will likely estimate that the economy grew faster on an annualized basis last quarter than in any such period since record-keeping began in 1947.(AP Photo/Steven Senne)

US consumer spending rose a moderate 1.4% in September

Oct. 30, 2020 1:54 PM EDT

WASHINGTON (AP) — U.S. consumers increased their spending by 1.4% in September, a modest gain but far less than the big increases of late spring, adding to concerns that Americans remain cautious with the viral pandemic resurging across the country and impeding the economy. The September gain marked the...

US consumer spending rose a slight 1.4% last month as Americans remain wary with pandemic still slowing economy

Oct. 30, 2020 8:35 AM EDT
WASHINGTON (AP) — US consumer spending rose a slight 1.4% last month as Americans remain wary with pandemic still slowing economy.
FILE - In this Sept. 25, 2020 file photo, a woman shops at a clothing store in New York. The U.S. economy grew at a sizzling 33.1% annual rate in the July-September quarter — by far the largest quarterly gain on record — rebounding from an epic plunge in the spring, when the eruption of the coronavirus closed businesses and threw tens of millions out of work.  (AP Photo/Mark Lennihan, File)

Surge in virus threatens to reverse global economic rebounds

Oct. 29, 2020 2:57 PM EDT

WASHINGTON (AP) — The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect of having to hunker down once again. Growing fear of an economic reversal coincided with a...

A woman wearing a face mask to help curb the spread of the coronavirus browses her smartphone as a masked woman walks by the Huawei retail shop promoting it 5G network in Beijing on Oct. 11, 2020. Chinese leaders are meeting to formulate an economic blueprint for the next five years that is expected to emphasize development of semiconductors and other technology amid a feud with Washington that is cutting off access to U.S. components for China's fledgling tech industries. (AP Photo/Andy Wong)

Chinese leaders focus on tech as they make 5-year plan

Oct. 26, 2020 3:04 AM EDT

BEIJING (AP) — Chinese leaders met Monday to formulate an economic blueprint for the next five years that is expected to emphasize development of semiconductors and other technology at a time when Washington is cutting off access to U.S. technology. President Xi Jinping’s government is working to...

People stand near a bank's electronic board showing the Hong Kong share index Tuesday, Oct. 20, 2020. Asian shares fell moderately Tuesday, echoing Wall Street's decline as hopes faded Washington will come through with badly needed aid for the economy before the U.S. presidential election.   (AP Photo/Vincent Yu)

Asian shares track Wall Street fall as virus aid hopes fade

Oct. 19, 2020 11:55 PM EDT

TOKYO (AP) — Asian shares fell moderately Tuesday, tracking Wall Street's overnight decline as hopes faded Washington will come through with badly needed aid for the U.S. economy before the U.S. presidential election. Investors have been focusing on U.S. economic stimulus amid global uncertainty about the...