Personal spending in the US increased at a record high 8.2 percent month-over-month in May of 2020, following a downwardly revised 12.6 percent fall in April which was the biggest drop on record due to the coronavirus pandemic. Figures came below market forecasts of a 9 percent rise. The data was impacted by the response to the spread of COVID-19. Federal economic recovery payments continued but were at a lower level than in April, and government “stay-at-home” orders were partially lifted in May. Real personal spending went up 8.1 percent. Within goods, spending on motor vehicles and parts as well as recreational goods and vehicles were the leading contributors to the increase. Within services, the largest contributors were spending for health care as well as food services and accommodations.
Personal Spending in the United States averaged 0.52 percent from 1959 until 2020, reaching an all time high of 8.20 percent in May of 2020 and a record low of -12.60 percent in April of 2020. This page provides the latest reported value for - United States Personal Spending - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Personal Spending - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
Personal Spending in the United States is expected to be -2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Personal Spending in the United States to stand at 0.50 in 12 months time. In the long-term, the United States Personal Spending is projected to trend around 0.70 percent in 2021 and 1.00 percent in 2022, according to our econometric models.