'Even if there were zero risk of a resurgent pandemic or political instability undermining recovery, there would still be cause for economic pessimism. And of course, there is such risk.'
The view from Main Street. Photo: Kerem Yucel/AFP via Getty Images By Valentines Day, the world’s largest economy was out on sick leave. China’s assembly lines lay still, its streets empty, workers idle. The air above Beijing was harrowingly clean. After stalling for a week, Covid-19 cases had just surged by 14,840 in Hubei province. Scientists were warning that the novel coronavirus “not only spreads quickly, but also in ways that are not entirely understood.
It isn’t that hard to see what Dimon does if you look from the proper vantage : Analysts had expected Friday’s jobs report to show the U.S. economy shedding 7.5 million jobs in May; instead, it showed employers expanding their payrolls by 2.5 million, as the first round of reopenings brought furloughed workers returned to their posts. Meanwhile, personal income in the U.S. rose by a record-high 10.5 percent last month, thanks to stimulus checks and enhanced unemployment benefits.
As for April’s heartening personal income gains, those were wholly attributable to federal transfer payments that congressional Republicans say they won’t extend. When and if enhanced unemployment benefits expire in July, tens of millions of U.S. households will see their spending power diminish, even as the unemployment rate remains above double digits.
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