American’s Spending Drops Over $1 Trillion in March

American’s spending, quantified by the Bureau of Economic Analysis as personal consumption expenditures, decreased $1,127.3 billion or 7.5 percent in March.

For reference, total personal consumption expenditures for January 2020 was $13.47 trillion and $13.49 trillion in February 2020.

But, as state governments issued “stay-at-home” orders, “consumers canceled, restricted, or redirected their spending.” This led to Americans saving $2.17 trillion in March, versus $1.38 trillion in February.