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Consumers and COVID-19

  • Background: The Cleveland Fed has been maintaining a survey of consumers for their views on how they are responding to COVID-19, the illness caused by the novel coronavirus of late 2019, and how COVID-19 is likely to impact the economy.
  • Description: We update the results from these surveys on a weekly basis.

How are consumers responding to COVID-19? How likely is COVID-19 to impact the economy? Hear from Edward Knotek, senior vice president in the Research Department, as he provides a weekly update on the Consumers and COVID-19 economic indicator.

“Consumers continue to see a long road ahead, with nearly two-thirds expecting that the coronavirus outbreak will last either one or two years. However, we are starting to see some changes in behavior, as fewer consumers report storing more food supplies than had been the case earlier. And the impact of the coronavirus on GDP over the next twelve months looks to be decreasing in size, from -20% in late March to -10% in late April and -5% in late May.”

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