American consumers increased their spending by a record 8.2% in May, partly erasing huge plunges the previous two months, against the backdrop of an economy that’s likely shrinking by its steepest pace on record this quarter.
Last month’s rebound in consumer spending followed record spending drops of 6.6% in March and 12.6% in April, when the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a recession. Since then, many businesses have reopened, drawing consumers back into shops and restaurants and restoring some lost jobs. Read More
Live from Music Row Thursday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Leahy was joined on the newsmakers line by all-star panelist and former Vanderbilt Professor of Law Dr. Carol Swain.
At the bottom of the second hour, Swain reported from credible sources that Mayor Cooper has purchased 40,000 thermometers for Metro employees while keeping his hands out for federal coronavirus bailout money. She added that the coronavirus numbers don’t add up to a shutdown which has forced Nashville to the top of the list of metropolitan cities that are losing the most money during the pandemic. Read More