American consumers, once bulwark of economy, are rapidly losing confidence
“If we could replace some of the lost income, that’ll provide a backstop for people to at least feel they have spending power when they need it,” said Jack Kleinhenz, chief economist at the National Retail Federation, a trade group.President Trump has been eager to lift restrictions that have kept millions of Americans hunkered down in their homes, and he has repeatedly predicted a sharp economic turnaround due to pent-up demand.
“Will we have lingering issues that will mute some of the recovery? Yes,” said Shawn DuBravac, an economist who specializes in consumer electronics. The Dow on Friday ended a three-day rally by falling 915 and is now down 27% from its mid-February high. “Perhaps the most important takeaway is that the largest proportion of consumers in nearly 10 years anticipated that the national unemployment rate will increase in the year ahead,” Curtin said.layoffs have skyrocketed across the countryCurtin said Friday that he doubts the economy will bounce back quickly after the worst of the pandemic passes.
“It’s an issue of their finances,” Curtin said. “Most households wish they had more cash on hand, and that’s going to continue in the next several months.”On the bright side, consumers are spending substantially more at supermarkets and drug stores as well as other sellers of personal goods. And many Americans are buying more online than before.
He also sees a silver lining for future online sales in that many people who had never shopped over the internet are doing so now — and will probably continue after the health crisis ebbs.
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