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A Resurgence of the Virus, and Lockdowns, Threatens Economic Recovery

Failure to suppress a resurgence of confirmed infections is threatening to choke the recovery and push the country back into a recessionary spiral — one that could inflict long-term damage on workers and businesses large and small, unless Congress reconsiders the scale of federal aid that may be required in the months to come. The looming economic pain was evident this week as big companies forecast gloomy months ahead and government data showed renewed struggles in the job market. A weekly census survey on Wednesday showed 1.3 million fewer Americans held jobs last week than the previous week. A new American Enterprise Institute analysis from Safegraph.com of shopper traffic to stores showed business activity had plunged in the second week of July, in part from renewed virus fears.

The New York Times - July 15, 2020

View the full story here: https://www.nytimes.com/2020/07/15/business/economy/economic-recovery-coronavirus-resurgence.html