US Consumer Spending, Hit by Virus, Plunges Record 7.5 Percent

A sign reminding customers of social distancing is posted in the Bink's Outfitters store in Murfreesboro, Tenn., April 29, 2020. Mark Humphrey/AP Photo

WASHINGTON—U.S. consumer spending plunged 7.5 percent in March, reflecting the growing impact of the CCP (Chinese Communist Party) virus pandemic as Americans complied with stay-at-home orders.

The Commerce Department said that the spending decline was the sharpest monthly drop on records that go back to 1959, exceeding the previous record, a decline of 2.1 percent in January 1987.