Though states have begun to reopen their economies, it is not clear consumers are ready to venture back to the marketplace, Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday, citing conversations with business officials in his region and his staff's study of cellphone tracking data.
- Though states have begun to reopen their economies, it is not clear consumers are ready to venture back to the marketplace, Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday, citing conversations with business officials in his region and his staff’s study of cellphone tracking data.
“What we are seeing thus far is a mix. For some retailers it has been a bit stronger than expected. Others have seen relatively little response,” as states like Georgia relax coronavirus closures, Bostic told reporters after a webcast to the Fort Lauderdale Chamber of Commerce. In citing cell phone numbers, Bostic was referring to data that maps the location of individual cellphones to retail stores, an indication of people leaving their homes to shop. The data is not necessarily a reflection of retail sales. Bostic said his assessment of tentative economic revival in his district was buttressed by conversations with business officials.
The response has caused a historic crash in economic activity, with millions thrown into at least temporary unemployment and economic growth in the April to June period expected to plunge.
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