US consumers continued to spend in July but the gains were much slower than the prior two months amid a surge in coronavirus cases, and confidence remained in a “depressed range,” according to new data released Friday.

Separately, Coca-Cola and MGM Resorts became the latest major companies to announce massive layoffs as a result of the declines suffered during the coronavirus pandemic.

With the election in which he stands for a second term just two months away, President Donald Trump’s hoped-for economic rebound from Covid-19 has not materialized and analysts warn that absent more emergency aid from the government, it may not come anytime soon.

Lydia Boussour of Oxford Economics cautioned that “momentum is at risk of faltering amid muted confidence and major income cliffs.”

Hotel and casino giant MGM Resorts announced 18,000 layoff, while Coca-Cola will cut 4,000 in North America, the latest job cuts by major companies Hotel and casino giant MGM Resorts announced 18,000 layoff, while Coca-Cola will cut 4,000 in North America, the latest job cuts by major companies Photo:

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  • The pandemic and lockdowns are taking a toll on people’s mental health. 
  • The US Census Bureau has been conducting a weekly survey to learn more about the pandemic’s effects on US households, including frequency of feeling symptoms of anxiety and depression.
  • Younger adults were more likely to report feeling these symptoms frequently than other age groups.
  • There was also a big increase between the end of April and mid-July in the share of Americans age 18 to 29 who reported those feelings.
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Job losses, concerns around reopening schools, social distancing practices, and other effects of the coronavirus pandemic are taking a toll on the mental health of Americans, and it’s especially affecting the mental health of younger Americans.

The US Census Bureau, with the help of other federal agencies like the National Center for Health Statistics, has been conducting an experimental Household Pulse

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