Record April U S consumer spending plummets sharply
The Commerce Department reports a 13.6 percent plunge in April consumer spending, the sharpest decline on record, as the pandemic devastates businesses and supports surge. Incomes rise 10.5 percent due to government aid while wages fall. Savings hit a 33 percent after tax income rate.
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Trump escalates actions against China over virus, WHO funding cut
President Trump announced withdrawal of WHO funding, end Hong Kong special trade status, and visa suspensions for Chinese graduate researchers as tensions with China rise amid the COVID-19 pandemic. He criticized WHO for its handling of the Wuhan outbreak and pledged reforms or termination of ties.
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