Local News

11-3-20 consumer spending

todayNovember 3, 2020

A retired Ripon College economist says a new report on consumer spending is  good news.   Consumer spending, which accounts for more than two thirds of the U.S. economic activity rose 1.4%  last month, after gaining one percent in August.   Economist Paul Schoofs says a resurgence in COVID-190 cases across the nation could slow spending in the fourth quarter.  The news on household spending comes as the U.S. economy surged by more than 33-percent in the third quarter, but the nation still remains in a deep hole from the COVID-induced recession.

Written by: Radio Plus