WHAT’S NEW IN PUBLISHING – 15/04/2020
Monojoy Bhattacharjee
Across the United States, consumer spending is down. People are cautious about making purchases, with the looming uncertainty about how long the coronavirus will last or the financial impact it may have.
According to a New York Times analysis of data from Earnest Research—which tracks and analyzes credit card and debit card purchases of nearly six million people in the United States—spending on travel has slumped, restaurant sales have plummeted, spending on transportation is way down, shopping is down overall, and even spending on health, paradoxically, has fallen.
“This is the sharpest decline in consumer spending that we have ever seen,” said Luke Tilley, Chief Economist at Wilmington Trust.