Washington has pumped trillions of dollars into the economy — supporting businesses and the stock market — but the continuing crush of job losses is rattling investors.
That brings the two-month tally to 36.5 million — an unprecedented spike in unemployment claims that has reordered the consumer landscape. With millions furloughed in the interest of social distancing, the hope is that many of the people who were sent home without pay will be called back. Even as many companies start to tiptoe back into business in areas that have eased out of the lockdown — such as Georgia and Texas — it’s clear that they’re opening back up into a new reality.
“On balance, we expect consumer spending to contract at a 43 percent rate in the second quarter and roughly 8 percent this year,” said Joel Prakken, IHS’s chief U.S. economist.
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