Consumer spending fell 7.5% in March, steepest monthly decline since 1959

Consumer spending accounts for more than 2/3 of total economic output.
Represents steepest monthly decline in records dating back to 1959.
Incomes fell 2% in March.
Most declines occurred in late March as businesses shutdown due to coronavirus concerns.
Blerina Uruçi, a senior U.S. economist at Barclays said, “I think this is the tip of the iceberg, the worst is yet to come with the April data.”