Reflections

Renewed COVID-19 Concerns Put U.S. Economic Growth in Doubt

Michael Monderer
Senior Analyst for Global Economics, Stratfor
Oct 7, 2020 | 10:00 GMT
People wearing masks walk by the New York Stock Exchange (NYSE) in lower Manhattan on Oct. 5, 2020, in New York City.

A security officer wearing a mask walks by the New York Stock Exchange (NYSE) building on Oct. 5, 2020.

(ANGELA WEISS/AFP via Getty Images)

New data shows the U.S. economic rebound remains underway but is running out of steam amid the country’s ongoing COVID-19 crisis, as acutely illuminated by President Donald Trump’s own diagnosis and recent hospitalization. What John Maynard Keynes described as “animal spirits” in 1936, today’s economists define as “sentiment,” “confidence,” or just plain “certainty” and “trust.” But regardless of what you call it, it appears Americans’ economic decisions are still being constrained by the course of the virus in their communities, and now their government -- underlining that the biggest threat to the United States and other global economies remains the continued, heightened uncertainty created by the COVID-19 pandemic....

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