Consumers are still spending, for now, but both Wall Street and Main Street are wondering if the spread of the delta variant is going to hurt the U.S. economy.
While Washington is riveted by the chaotic scene in Afghanistan, Wall Street and Main Street are wondering if the spread of the coronavirus delta variant is going to injure the U.S. economy.One new poll found that anxiety about the coronavirus is the highest since a record outbreak last winter. And a recent reading of consumer sentiment in early August sank to the lowest level in 10 years, even dropping below early pandemic levels.
Governments, for their part, aren’t using a heavy hand like they did early in the pandemic to avoid a big relapse in the economy. The upcoming week will offer more clues on whether the delta variant really began to bite the economy in August. So far the evidence suggests it’s just been nibbling around the edges.A pair of IHS Markit surveys on Monday will tell us if there’s been any deterioration in the service or manufacturing sides of the economy. And later in the week the final reading of consumer sentiment in August could reveal if anxiety lessened as the month wore on.
Fed officials appear to have become resigned to the idea that inflation will stay higher for longer than the central bank previously predicted. They still think inflation will retreat toward its 2% target by some time next year, but they are less certain how long it will take.The July PCE figures are unlikely to give the Fed much comfort. The index is forecast to rise 0.4% and push the yearly increase up to 4.2%.
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