More than two-thirds of Americans would also avoid nonessential travel, according to a recent Harris Poll survey.
With the COVID-19 pandemic severely affecting the US economy and pushing unemployment rates, people are looking to save money. As a result, retail sales in the country plunged 16.4% in April, the single greatest two-month spending decline on record.
According to the Bureau of Economic Analysis (BEA), the personal savings rate went up to 13.1% in March, the highest savings rate since November 1981. A USA Today/Ipsos poll further found the pandemic has triggered 12% of respondents into starting an emergency fund.
BEA stated that both personal income and disposable personal income in the US decreased by 2% during the lockdown period. Further, personal consumption expenditure decreased by 7.5% or $334.6 billion in the same period.
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