Unless Congress approves more assistance, experts such as MUFG economist Chris Rupkey expect personal incomes to drop even more. Millions of Americans will lose $600 a week in supplemental unemployment benefits when the federal program expires at the end of July. States began incrementally reopening their economies in May, which helped fuel the spending gains. ADOn Friday, the United States set a record for new coronavirus cases, passing the 40,000 mark for the first time, according to tracking by The Washington Post. It’s unclear whether economic sectors that typically warrant one-time purchases, such as the auto industry or home renovations, will be able to sustain business as the summer progresses.

Source: Washington Post June 26, 2020 14:40 UTC