Restoring Consumer Confidence after COVID-19

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: This pandemic is new for all of us, creating unprecedented uncertainty. First and foremost, families are asking how best to protect their health and safety. But Americans are also asking about the health of the economy. How deep will this downturn be? How long will it last? How fast will we recover? The answer to the first question is now clear: it will be deep. The service sector is 70 percent of the US economy and broad swaths of it are shut down, including travel, non-food in-store retail, restaurants, sports and entertainment. Last week’s initial unemployment claims exceeded 6 million, nearly doubling the previous week’s 3.3 million. The previous high had been 695,000 in 1982.

Keywords: household and consumer finance; economic growth (search for similar items in EconPapers)
Date: 2020-04-08
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