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The Big Slump

Summary:
Add to Bookmarks The US economy shrank at a record-high 32.9% annual rate in April-June, as the COVID-19 pandemic caused major declines in consumer spending, exports, and business investment. With infections continuing to surge alarmingly in some western and southern states, how long can the stock market put on a happy face? In this Big Picture, Chatham House’s Jim O’Neill argues that many key short-term macroeconomic indicators still point to a V-shaped recovery, provided that major economies are not forced to shut down again. Yale University’s Robert J. Shiller, meanwhile, says investors’ crowd psychology,

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The US economy shrank at a record-high 32.9% annual rate in April-June, as the COVID-19 pandemic caused major declines in consumer spending, exports, and business investment. With infections continuing to surge alarmingly in some western and southern states, how long can the stock market put on a happy face?

In this Big Picture, Chatham House’s Jim O’Neill argues that many key short-term macroeconomic indicators still point to a V-shaped recovery, provided that major economies are not forced to shut down again. Yale University’s Robert J....

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