U.S. Consumer Spending Increased At Record Pace In May

The video discusses recent economic changes, highlighting an 8.2% increase in spending despite a decrease in personal income. This rise follows a significant drop in previous months and is attributed to government aid and the reopening of local economies. Spending increased on investments and services, but future gains are uncertain due to potential restrictions and the end of government aid.

What was the percentage increase in spending reported by the Commerce Department?

• 12.3%

• 10.1%

• 8.2%

• 6.5%

What was a major factor contributing to the rise in spending despite a decrease in income?

• Government aid from the previous month

• Higher interest rates

• Decrease in taxes

• Increased exports

Which sectors saw significant spending increases as local economies reopened?

• Real estate and construction

• Agriculture and mining

• Healthcare, restaurants, and hotels

• Technology and education

What is a potential reason for the US not maintaining its spending gains?

• Increase in oil prices

• Changes in foreign policy

• Rising COVID-19 cases leading to possible restrictions

• Decrease in global trade

What might happen to millions of unemployed Americans if Congress does not approve more stimulus money?

• They will receive increased unemployment benefits

• They will lose their government aid

• They will be offered new jobs

• They will receive tax cuts