When consumers drive 70% of economic activity, as they do in the U.S., any significant disruption to peoples’ lives will have a corresponding impact on the economy.
That is certainly the case with the coronavirus outbreak, which has created rapid, widespread, and severe economic disruption.
As a result, CUNA economists have revised their 2020 economic growth forecast from 1.8% to -2.25%. They also adjusted their outlook for the unemployment rate from 3.5% to 6.5%.
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