The World Blog by humble servant.

Economics: https://www.bls.gov/news.release/empsit.nr0.htm U.S. consumer spending, which accounts for about two-thirds of the world’s largest economy, plunged in April by the most on record after the coronavirus pandemic halted purchases of all but the most essential goods and services. Household outlays fell 13.6% from the prior month, the sharpest drop in Commerce Department records back to 1959, data showed Friday. The median estimate in a Bloomberg survey of economists called for a 12.8% decline. Incomes posted a record 10.5% increase, compared with estimates for a 5.9% decline, as federal stimulus payments were distributed under the CARES Act, the report said. It showed government social benefits rose by $3 trillion in April, up from a $70.2 billion gain the prior month. The Federal Reserve’s preferred gauge of consumer prices rose 0.5% from a year earlier, the slowest pace since 1961 and far below the central bank’s 2% target. The core price index, which excludes more-volat...