The hopes for an economic revival might have to wait until the fall, because it looks like a bad summer is ahead amid residual coronavirus pandemic fears, according to economist Stephen Moore.
"It's going to be a really tough time for retail," Moore told Sunday's "The Cats Roundtable" on 970 AM-N.Y., per The Hill. "Stores like Macy's are going to face a tough time, because a lot of them were in trouble already, but also people are just going to be a little more wary about going into stores.
"It's going to be a bad summer."
Moore predicted a slow roll of states reopening is going to leave 15-20% unemployment until late August.
"In the fall we'll start to see a nice recovery," Moore told host John Catsimatidis.
There are already more than 30 million Americans on unemployment amid the global coronavirus pandemic, already an estimated 20%, according to the report. That will cut Americans' spending.
Also, even when businesses open, they will not do so at full capacity and will have to pay up for safety, personal protective equipment for workers, and maintaining social distancing protocols.
America's GDP fell 4.8% in the first quarter, but even more significant losses to come in Q2 with coronavirus mitigation covering all three months.
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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