The coronavirus is raising alarm among consumers, the powerhouse of the US economy

The coronavirus is raising alarm among consumers, the powerhouse of the US economy

Business·2020-02-27 01:09

The coronavirus outbreak has increasingly raised alarm among American consumers, a key driver of growth in the US economy.

Consumer sentiment fell 0.6 points to 114.8 last week, according to a Morning Consult released Wednesday.

Economists watch consumer sentiment closely because it can reflect how much households will purchase and borrow.

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The coronavirus outbreak has increasingly raised alarm among American consumers, a key driver of growth in the US economy.

Consumer sentiment fell 0.6 points to 114.8 last week, according to a Morning Consult survey released Wednesday, near its levels at the beginning of 2020. Consumers were most worried about future business performance in the country and expectations for their own personal finances.

The reach toll of the coronavirus escalated sharply last week, leading to more costly restrictions on commerce and travel. The February 17-23 survey was taken before the Centers for Disease Control warned the respiratory illness, named COVID-19, would likely spread through communities in the US.

Economists watch consumer sentiment closely because it can reflect how much households will purchase and borrow. Consumer spending has widespread effects on the US economy, accounting for more than two-thirds of gross domestic product.

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