A double-dip recession is forming

Rick Newman·Senior Columnist

President Trump is banking on a quick recovery from the coronavirus pandemic and 15 million jobs lost as businesses shut down nationwide. For a while, it looked like he might get one.

But after an encouraging rebound for a couple of months, there are new signs the economy is tipping over again, as the virus surges in the south and west and governors shut down businesses all over again. “We started to see a gradual rebound in confidence starting in April and lasting through May,” economist John Leer of research firm Morning Consult says in the latest episode of the Yahoo Finance Electionomics podcast. “June is where we hit a plateau, and in many states July is where things turned for the worst. So it looks to me like the economy’s headed in the wrong direction.”

Morning Consult conducts daily surveys of thousands of consumers in all 50 states, asking a series of questions to track real-time trends in consumer confidence. Confidence nationwide is about 25 points lower than it was on March 1, before the virus caused lockdowns in many states. But there are notable differences among states. In the northeast, where a surge in death and infection rates has abated, confidence has been improving during recent weeks. But in states with rising infection rates, confidence is flat or declining…….More Here

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A double-dip recession is forming

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