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The U.S. economy has taken an unprecedented hit and it happened very fast.
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The coronavirus and its quarantines and stay-at-home local guidelines have led to 40 million Americans being out of work and the country’s economic growth has plummeted.
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The recent civil unrest since the death of George Floyd, a black man who pleaded for air as a white Minneapolis officer kneeled on his neck for more than eight minutes, has led to protests, looting and destruction, which will also impact the ability for retailers and restaurants to get back to business.
President Trump said in a tweet on Wednesday said the evidence of a comeback is mounting.
Stocks have rallied from the March lows as the Federal Reserve and Congress have provided stimulus measures.
Businesses are starting to reopen, or explore how to do so, as states and cities ease restrictions on public activities.
HOUSING MARKET CONTINUES CORONAVIRUS RECOVERY
With states easing travel restrictions and mortgage rates at all-time lows, there are growing signs of a resurgence in what only a few months ago had been a hot housing market. Prospective homebuyers flooded back into the market after weeks of sheltering in place.
NEARLY 8 IN 10 SMALL BUSINESSES NOW FULLY OR PARTIALLY OPEN: POLL
A poll done by the U.S. Chamber of Commerce indicated that small businesses are reopening with many seeing things getting back to normal in about six months, the time that many say they’ll be rehiring.
Wednesday’s report on private hiring by the payroll company ADP showed job loss in the private sector slowing and weekly jobless claims have been slowly coming down.
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The government will release the May employment report on Friday which is expected to show eight million people lost jobs, but that will be down from the more than 20 million reported in April.
The Associated Press contributed to this article.
