The resulting job insecurity will undoubtedly merge with health concerns to restrain consumer demand no matter how soon businesses restart.
Economists expect it to take time for employment to recover, even if the pandemic eases. Policy makers are also advising caution: San Francisco Fed President Mary Daly told Bloomberg Television on Thursday that “no one who I talk to is looking at a V-shaped recovery -- they really think this will be gradual and it will take time to build confidence back up for both workers and consumers.”
--With assistance from Chris Middleton, John Tozzi, Sophie Caronello, Vivek Shankar, Benjamin Purvis, Eric Martin and Reade Pickert.
This article was provided by Bloomberg News.