Data released last week updates covid impact.
Labor Department reports paint an increasingly concerning picture of the impact of the pandemic on the U.S. economy. The most recent records, released on Wednesday, report a 0.5% increase in consumer spending, a fairly small amount at the start of what is usually a lavish holiday bump. Income decreased by 0.7% in October, and unemployment rose again to 778,000.
Economists’ concerns have increased as signs of a “double-dip” recession become more frequent. Experts at JPMorgan Chase wrote in their research that “This winter will be grim,” slashing their forecast for the first quarter of the economy to -1% of the annual GDP rate.
As the Lord Leads, Pray with Us…
- For the Labor Department as they continue to do the important work of tracking and reporting data.
- That Congress would receive divine wisdom in their response to this data.
- That the Lord would preserve His people as they live through a scant time in American history.
Sources: AP, NPR
