No coronavirus stimulus means no holiday spending: chart

No coronavirus stimulus means no holiday spending: chart

The one-two punch of the raging coronavirus and the lack of a new round of government stimulus is starting to take a major toll on consumer spending. Spending by consumers receiving unemployment benefits has fallen to its pre-pandemic spending level following the expiration of the $300 supplemental bonus in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, points out Goldman Sachs strategist Jan Hatzius in a new chart (below).

By Miki