The COVID-19 delta variant interrupted the US economic recovery in August, depressing consumer spending and driving consumer confidence to the lowest level since February, Morning Consult said in a report on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 02nd September, 2021) The COVID-19 delta variant interrupted the US economic recovery in August, depressing consumer spending and driving consumer confidence to the lowest level since February, Morning Consult said in a report on Thursday.
"Morning Consult's Index of Consumer Sentiment has fallen sharply since the beginning of July and is now at its lowest level since February 2021," the report said. "Retail sales likely contracted in August for the second consecutive month.
In August, the delta variant drove cases and hospitalizations up to levels not seen since January.
The report cited "emerging trends" in data indicating that spending could rebound in September.
Positive developments included increased COVID-19 vaccination rates, record highs in stock markets and indications that sentiment in high-income households - those earning at least $100,000 a year - began recovering in late August, the report said.
Rosy forecasts for economic growth in the second half of the year typically anticipate a switch from consumer goods to spending on services in the fall, according to the report.
