Consumer confidence grew in June despite the coronavirus
by Kyle Ziemnick
Posted 7/31/20, 01:21 pm
Even though average personal income fell by 1 percent, consumer spending jumped by 5.6 percent in June, the U.S. Department of Commerce reported on Friday. The gross domestic product dropped last month, but reopening businesses and federal stimulus checks appeared to boost consumer confidence. June marked the second straight month of gains in spending after a plunge in March and April.
Will the economic gains hold? Many economists are pessimistic about the outlook for July. JPMorgan Chase said its cardholders were spending at a five-week low as of July 20. Extra federal unemployment benefits for those affected by the coronavirus pandemic expire on Friday. And many state and local governments are slowing or rolling back reopenings after a surge of COVID-19 cases in parts of the country.
Dig deeper: Read Sophia Lee’s feature detailing the different ways Christians are responding as the pandemic drags on.
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