Retail, Spending Start to Improve
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to the national and global response, the work place and the spread of the virus.
With countries starting to loosen lockdown restrictions, many nations are beginning to show spending improvements, according to Visa. Total U.S. payments volume dropped 5% in May from a year earlier. That’s a 13 percentage point improvement from April. Debit grew 12% and credit declined 21% year-over-year in the period. That’s a 17 percentage point and 9 percentage point improvement over April, respectively.
Visa said in a regulatory filing that the recovery in international markets in which it process the majority of transactions lagged the U.S. in May. Global processed transactions declined 12% last month, a 12 percentage point improvement over April.
More at Manufacturing.net