New Coronavirus Surges Halt Economic Recovery

The nation’s fledgling economic recovery is losing momentum, as a new wave of coronavirus infections causes businesses to scale back or reshutter in several big states and consumers to retreat anew.

Restaurant seating rates have fallen of late in Florida, California, Arizona and Texas. Foot traffic to businesses has ebbed in some states since late June. Google searches for “file for unemployment” in Arizona and Florida are rising.

The new economic disruptions are concentrated in the three most populous states—California, Texas and Florida—and Arizona, all of which have seen a rise in infections in recent weeks. Together, those states make up about 30% of all U.S. economic output, according to Moody’s Analytics. State and city leaders have imposed new restrictions on businesses to prevent further spread, though many consumers had already voluntarily stopped going out, according to foot-traffic data.

Many economists still believe the economy is growing again after a sharp contraction in the spring caused by the pandemic. But some have lowered their expectations in recent days, suggesting the shape of the recovery will be jagged rather than a V signifying a sharp drop in activity followed by a similarly sharp rebound. Moody’s now projects U.S. output to grow at an annual rate of 17% in the third quarter, far less than what is needed to get the economy back to its pre-pandemic state and below the company’s prior estimate of 20%.

https://www.msn.com/en-us/money/markets/new-coronavirus-surges-halt-economic-recovery/ar-BB16u5jJ?li=BBnb7Kz&ocid=DELLDHP

Guess dumbass hasn't got the message yet.

Link to tweet