Coronavirus economic impact updates
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American consumers have in recent weeks been hit by rising prices and a resurgent virus. But thanks to hefty fiscal stimulus and steady employment growth, that has not stopped them from spending.
Consumption by US households drove a 6.5 per cent annualised increase in the country’s gross domestic product growth in the second quarter, showing a healthy rebound during the month of June, according to data released by the commerce department late last week. The composition of spending has been shifting from goods to services, but the overall eagerness of shoppers to use their cash has been unquestionable.
“Part of the reason the economy has been so resilient following such a large shock is the extraordinary ability and willingness of the consumer to spend,” said Michelle Meyer, head of US…