Credit card spending among some of JP Morgan Chase & Co's U.S. customers fell 40per cent during March and early April compared to last year, as ...
Credit card spending among some of JP Morgan Chase & Co's U.S. customers fell 40per cent during March and early April compared to last year, as Americans stayed home to protect against the novel coronavirus, according to a new report on Thursday.
Spending on non-essential goods and services, like retail, restaurants, and entertainment, fell sharply across income brackets accounting for nearly all of the drop in spending during that period, the JP Morgan Chase Institute said.This is primarily due to the stay-at-home orders put in place by many U.S. states, and less due to job loss, at least for now, said Diana Farrell, president and chief executive of JPMorgan Chase Institute.
The overall fall in spending was 8 times larger than the average drop in household credit card spending in the first month of unemployment during regular times, according to the report. The U.S. Federal Reserve warned this week that the country will likely see weak economic growth for"an extended period".
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