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How the Virus Transformed the way our neighbors the Americans Spend Their Money.
The coronavirus has profoundly altered daily life in America, ushering in sweeping upheavals to the U.S. economy. Among the most immediate effects of the crisis? Radical changes to how people spend their money.
In a matter of weeks, pillars of American industry essentially ground to a halt. Airplanes, restaurants and arenas were suddenly empty. In many states, businesses deemed nonessential — including luxury goods retailers and golf courses — were ordered closed.
“This is the sharpest decline in consumer spending that we have ever seen,” said Luke Tilley, chief economist at Wilmington Trust.
All of the charts in this article are based on a New York Times analysis of data from Earnest Research, which tracks and analyzes credit card and debit card purchases of nearly six million people in the United States. While the data does not include cash transactions, and therefore does not reflect all sales, it provides a strong snapshot of the impact of the virus on the economy.
Some companies like Walmart, Amazon and Uber Eats have seen spikes in purchases. But customers of many other businesses have simply stopped spending, the data shows.
My TWO Bits.: Who wants to go out and contact a disease that can't be cured!!
FH.
https://www.nytimes.com/interactive/2020/04/11/business/economy/coronavirus-us-economy-spending.html
Location: God's own country
Posted on: 12-04-20 16:22:12
Sir,
Fully agree on that.
It is not such a big deal in India though and the Govt. of India is offering a lot of medical help and cure. The only thing it is not offering is lost wages.
But this diseace has brought North America and Europe to its knees. Mainly because of the high cost of health care
Murali from Chennai
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I am a Gents and not a Ladies.
Many families have taken this Corona Virus very seriously and have hunkered down indoors till it all blows over. You and me know that there is no way of controlling this virus from spreading and if per chance one gets an infection and the chances of survival are nil. So, the only cure is with the advent of a serum. And today I found out that the Chinese firm has the approval to test their new discovery starting in the month of August 2020. Similarly, there are TEN different products are being made ready to control this mystery virus to some extent and will be moving side by side in its trials in U.K. Canada and the U.S. too.
How is this affecting the finances of each family: 17 million are UNEMPLOYED in the USA. Their rates are close to 8.0% today. Production is down. First Quarter was a write off. The second does not look any better. So, Two quarters will wipe out all of the GDP. The markets have tanked and it has wiped out 20 Trillion Dollars off all of their bank accounts. There are 10 million hungry families are lining up at the food banks eack week. You should see the line up of cars, it is PATHETIC. Most of the unemployed are looking out for their FIRST payment from the Government. They have already spent it even before receiving it.
Things are getting worse here in Canada too. Rents have shot through the roof. All the Basements are taken, gone. They too are getting costly. Students are stacking up TWO to a ROOM. Restaurants are CLOSED. Only drive through and Take Outs. Parks are CLOSED. Parking Lots are in-accessible. No BARS, THEATRES, Eateries, Coffee Shops and Shopping Malls. That will get extended till the Big Puba says that the gates are OPEN. Who knows when that will be.!!
Keep us posted and it will be good to know when they will lift the LOCKOUT there in India.
Regards,
FH.
EDIT.: Bill Gates.. https://www.nytimes.com/2020/04/08/health/coronavirus-vaccines.html
