US consumer spending could see one-two punch from stocks drop, coronavirus

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 63 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 66%

ประเทศไทย ข่าว ข่าว

ประเทศไทย ข่าวล่าสุด,ประเทศไทย หัวข้อข่าว

The coronavirus outbreak has yet to spread meaningfully to U.S. shores, but fears of it alone have already eviscerated some US$2 trillion of ...

The coronavirus outbreak has yet to spread meaningfully to U.S. shores, but fears of it alone have already eviscerated some US$2 trillion of American stock market value, setting off a market rout that could stymie consumer spending - even before other economic effects of the disease are felt.

The rise in global cases and warnings that the virus could spread in the United States caused stocks to fall, the dollar to strengthen and corporate spreads to widen, Daco said. That volatility also means some consumers with an eye to retirement may curtail their spending, he added."You tend to be more cautious about your outlook because you're worried," Daco said.

A prolonged market slump could deal a bigger blow to the U.S. economy than some of the other effects stemming from the shutdowns in China, such as disruptions to supply chains for American companies, because it could directly affect the consumer, said Mark Zandi, chief economist at Moody's Analytics."The American consumer really is the firewall between an expanding economy and a recession," Zandi said.

U.S. consumer confidence dropped slightly last week as fears over the coronavirus spread and began to push down stock prices, according to Morning Consult's Index of Consumer Sentiment. Consumers' outlook is still more optimistic than it was last fall, when concerns about the trade war were rising, but the report showed consumers are worried the virus could slow global growth and eventually hit their local economies.

 

ขอบคุณสำหรับความคิดเห็นของคุณ ความคิดเห็นของคุณจะถูกเผยแพร่หลังจากได้รับการตรวจสอบแล้ว
เราได้สรุปข่าวนี้มาให้อ่านอย่างรวดเร็ว หากสนใจข่าว สามารถอ่านฉบับเต็มได้ที่นี่ อ่านเพิ่มเติม:

 /  🏆 6. in TH

ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว