Americans didn’t feel any better about the economy or their own financial situation in August than they did in the previous month, reflecting broad worries about the still-spreading coronavirus and the likelihood of a slow recovery, a new survey showed.
Americans regained some confidence in the early stages of the recovery in May and early June, but their hopes for a faster rebound were dashed by a fresh outbreak of the coronavirus during the summer. An index that measures expectations for the next six months rose slightly to 66.5 from 65.9. Yet most Americans think it will be years before the economy returns to normal.
Curtin said the political deadlock in Washington over whether to restore the recently expired $600 federal benefit for the unemployed and other measures to help the economy has forced households to save more and left them increasingly uncertain about what lies ahead.The big picture: The amount of confidence Americans have in the economy and their own financial security has a good track record of predicting the future. Until they feel more secure, the economy is unlikely to make a rapid recovery.
'Bad economic times are anticipated to persist not only during the year ahead, but the majority of consumers expect no return to a period of uninterrupted growth over the next five years.' Consumers have been doused with negative news flow; this article is one more microtorrent.
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