The U.S. economic recovery, after two months of faster-than-expected job gains, may be stumbling as a surge of new coronavirus infections prompts states to delay and in some cases reverse plans to let stores reopen and activities resume.
FILE PHOTO: Hundreds of people line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston
But a Federal Reserve Bank of New York weekly economic index dipped slightly last week as consumers grew less confident about the economy. “More than ever, we’re concerned about the worsening health situation and its impact on the burgeoning recovery. Rebounding mobility and poor use of protective equipment will make for a dangerous summer cocktail,” Oxford Economics analyst Gregory Daco wrote. The firm’s recovery index rose slightly for the week ended June 19 as Americans spent and drove more, and continued returning to restaurants and hotels.
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