I wonder what fraction of consumption people who’ve been lost their income during the crisis is. If 20% of the workforce is laid off, does that mean consumption will go down 20%? Is the salary/spending power of the group who were laid off representative of the entire workforce? Or does it skew in a particular direction.
I ask because one explanation of the disconnect is that consumer spending in general hasn’t actually dropped that much, it’s just moved away from in-person small businesses.
I ask because one explanation of the disconnect is that consumer spending in general hasn’t actually dropped that much, it’s just moved away from in-person small businesses.