American companies spent years in an economic boom. Then the coronavirus hit
A man walks past a store going out of business on May 5, 2020 in the Brooklyn borough in New York City.
Angela Weiss | AFP | Getty Images
The U.S. economy was slowing last year, but many companies entered 2020 with reasons to be optimistic and expansion plans to match.
Hotel construction around the country had never been busier. Airline employment continued to climb to the highest levels in more than 16 years. Retail sales in December were up for a third straight month. And consumer spending reached an annual record of $13.28 trillion in 2019.
Then coronavirus hit.
The blow has been swift and vast.