August 28, 2020

US economy still sees sluggish spending, ‘depressed’ confidence

Washington (AFP) – US consumers continued to spend in July but the gains were much slower than the prior two months amid a surge in coronavirus cases, and confidence remained in a “depressed range,” according to new data released Friday.Separately, Coca-Cola and MGM Resorts became the latest major companies to announce massive layoffs as a result of the declines suffered during the coronavirus pandemic.With the election in which he stands for a second term just two months away, President Donald Trump’s hoped-for economic rebound from Covid-19 has not materialized and analysts warn that absent …


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