Are We Headed for a Recession? China's Data Offers Clues
Less than a month ago, the U.S. economy was churning along smoothly.
Stocks were at all-time highs, unemployment was near record lows, and consumer and business confidence were high. Now, after the coronavirus pandemic has swept in and forced widespread closure of schools, businesses, and the cancellation of almost all events, the American economy is standing at the edge of a precipice. The CDC has now said that gatherings of 50 people or more should be suspended through mid-May, indicating that the outbreak won't be as brief as some had earlier hoped.
Seventy percent of the U.S. economy is driven by consumer spending, and as restaurants and stores closes, consumer spending will fall sharply. Those effects will flow through the economy to landlords, suppliers, and banks.
Source Fool.com
