There’s no doubt the economic rebound has lost steam in July. The big question is just how much.
A rash of new coronavirus cases in Texas, California and other states has stunted an economic recovery. Getty Images Just when it seemed safe to get out and about, the coronavirus epidemic has come back with a vengeance and sidetracked a fragile U.S. economic recovery.The answer probably won’t be available for a few more weeks through the normal channels of government and other long-standing economic reports that come out monthly.
Hiring tapered off in early July at retailers, restaurants and other small and medium-sized businesses amid a surge in COVID-19 cases in states such as California, Texas, Florida and Arizona. A new survey of consumer attitudes, what’s more, shows growing anxiety among Americans again. Consumer sentiment fell in early July and returned close to a pandemic low.It’s not all bad news, though.
“While some states have seen some rolling over here on the heels of case spikes, there are offsets from the states that re-opened much later,” chief U.S. economist Tom Porcelliof RBC Capital Markets said in a note to clients.
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