Delta variant undoes expectations; hiring and consumer spending slow in the face of fresh uncertainty
The U.S. economy is facing a slowdown in September, rather than the takeoff once hoped for.
Earlier this summer, many economists saw the week of Labor Day as the moment when the economic recovery would kick into high gear. Their expectation was that widespread vaccination would ease labor shortages. Schools and offices would reopen, which would mean a comeback for local businesses reliant on office workers. Travel would rebound. Stevie Nicks would be back on tour.
Instead, the rise of Covid’s Delta variant has the nation tapping the brakes.
Businesses and consumers are reworking plans to adjust to renewed mask mandates, travel restrictions, event cancellations and delayed office reopenings.Consumers are pulling back on purchases and employers have slowed hiring. Economists are downgrading their forecasts. Stevie Nicks canceled.
