A rise in coronavirus cases in the most populous U.S. states is halting consumer and business activity
The account of Ferenc — who is also the chair of the Tampa Bay chamber of commerce — is emblematic of the concerns gripping economists and policymakers about the state of the U.S. economy.
“The economy is still very much depressed because of the out-of-control virus, and the virus is just getting more out of control,” says Aaron Sojourner, a professor of economics at the University of Minnesota and a former senior economist of the White House council of economic advisers under Barack Obama who analyzed the Census Bureau data.
“Rolling flare-ups or a broad second wave of the virus may lead to widespread social distancing — whether mandatory or voluntary — which could weigh on the pace of the recovery and could even presage a second dip in activity,” she warned.Robert Kaplan, the president of the Dallas Fed, has even pleaded for Americans to wear masks, saying that adhering to the guidance of U.S.
In California, America’s most populous state and a big driver of the U.S. economy, Democratic governor Gavin Newsom last week ordered a shutdown of all bars across the state, and banned indoor operations for restaurants, wineries, cinemas and museums.Article content continued For the labour market, the big concern is that the endurance of the pandemic will translate into weaker jobs growth or even millions more job losses, increasing fears of a 1930s-style downturn.Article content continued
John Newstreet, who leads the local Chamber of Commerce in Osceola county near Orlando, worries that more layoffs could become permanent in his tourism-dependent area but is optimistic that “the worst days are behind us” as long as another lockdown can be avoided. “We should be responsible and cautious as we go forward,” he says. “Now we just need to work together. Be courteous to each other and get through this.”Article content continuedA stunted rebound will dash U.S.
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