The US economy officially ended its V-shaped transition and entered its third and final phase of recovery,High-frequency economic data suggests the rapid bounce ended in June and gave way to a "healing phase" as reopenings boosted spending and hiring activity, the team led by Michelle Meyer wrote in a note.
Household spending is key to forecasting whether the nation's recent spike in virus cases will stifle its economic bounce-back, the bank said.The US economy has officially moved into its third and final phase of recovery after its second-quarter collapse and V-shaped turnaround,State reopenings and a hefty mix of fiscal and monetary stimulus led the nation out of its virus-induced slump.
"The healing phase will feel very different. It will be one of slower growth, likely in fits and starts, and will be defined by the path of the virus," the team led by economist Michelle Meyer wrote in a note to clients.Wall Street is being shaken to its core by a legion of Gen Z day traders. From a casual hobbyist to a 20-year-old running a 14,000-person platform, meet the new generation of retail investors.
Roughly two-thirds of the second quarter's downturn was driven by a halt in consumer spending, and nearly all of the economists' forecasted third-quarter bounce is tied to such activity. Households will flash the first warning signs for a stalled rebound, the team wrote, and additional fiscal stimulus will be critical to maintaining consumer confidence.
Money never equals health.
The US is going for the 'W'! Let's go! USA! USA! 🇺🇸
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