Personal spending in the US increased 5.6 percent month-over-month in June of 2020, following an upwardly revised 8.5 percent rise in May which was the biggest rise on record. Figures came slightly higher than market forecasts of a 5.5 percent rise. In numbers, real consumption went up by $623.0 billion, reflecting an increase of $273.7 billion in spending on goods and a $362.1 billion increase in spending on services. Within goods, the biggest gain came from clothing & footwear; and within services from health care, food services, and accommodations. Within health care, both hospital and outpatient services increased.
Personal Spending in the United States averaged 0.52 percent from 1959 until 2020, reaching an all time high of 8.50 percent in May of 2020 and a record low of -12.90 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 August of 2020.
Personal Spending in the United States is expected to be -1.70 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.