WASHINGTON (AP) — Gripped by the accelerating viral outbreak, the U.S. economy is under pressure from persistent layoffs, diminished income and nervous consumers, whose spending is needed to drive a recovery from the pandemic. A flurry of data released Wednesday suggested that the spread of the virus is intensifying the threats to an economy still struggling to recover from the deep recession that struck in early spring. Layoffs are still historically high, with many businesses unable to fully reopen and some, especially restaurants and bars, facing tightened restrictions. Consumers increased their spending last month by just 0.5%, the weakest rise since the pandemic erupted. At the same time, the government said Wednesday that income, which provides the fuel for consumer spending, fell 0.7% in October.

Source: Daily Sun November 25, 2020 14:37 UTC