Consumer Spending Declines, Shifts in Response to the Pandemic
Abstract: Consumer spending plunged last spring as the pandemic swept through the United States. Although spending rebounded sharply in the second half of 2020, it remained below year-ago levels due to persistently high unemployment, business restrictions, and continued health risks in social settings. In addition to the drop in overall spending, the pandemic has led to dramatic shifts in the mix of goods and services that consumers purchase.
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Description: Full text
Provider: Federal Reserve Bank of Kansas City
Part of Series: Economic Bulletin
Publication Date: 2021-02-17
Issue: February 17, 2021