U.S. consumer spending tanks; savings hit record high

WASHINGTON (Reuters) - U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the economy could take years to recover from the COVID-19 pandemic. The report from the Commerce Department on Friday, together with news that monthly exports collapsed, left economists anticipating the largest contraction in gross domestic product in the second quarter since the Great..