US consumer spending dives while savings hit an all-time high.

  • US consumers cut spending by 13.6% vs. 12.6% expected, the most on record, for the second straight month in April.
  • it is the biggest drop in spending since the government started tracking the series in 1959.
  • March’s decline in consumer spending was 6.9%.
  • Savings soared to a historic $4 trillion.