Consumers spent at pre-Covid levels, but virus spread and jobless rate could make economic boost temporary
People wait on a long line to receive a food bank donation at the Barclays Center on May 15, 2020 in the Brooklyn borough in New York City. The event was organized by Food Bank for New York City and included dairy and meat items.
Stephanie Keith | Getty Images
Consumers went shopping in June, spending at pre-Covid levels, but the spreading virus and still staggering number of people filing for unemployment benefits suggests the recovery may take longer than initially expected.
Economists say the risk of a further downturn makes the economy even more dependent on the next round of fiscal stimulus, expected to be considered by Congress when it returns from recess next week.