Sources tell FOX Business’s Charlie Gasparino that the White House and Congress are looking to focus on the leisure, hospitality, healthcare and education industries in the next stimulus package.
US business leaders do not expect the effects of the coronavirus pandemic to wear off quickly, even as the economy shows early signs of recovery, a new survey shows.
Executives at the country’s top companies are not optimistic about their capital expenditures, hiring plans, or sales expectations for the remainder of the year, according to the Business Roundtable Second Quarter CEO Economic Outlook Survey. In the second quarter, the index’s overall reading was 34.3, marking a contraction and the lowest reading since 2009.
US CONSUMER SPENDING UP TO 8.2%, PARTIALLY DELETING THE REGISTRY
Most companies don’t expect to recover to pre-pandemic levels until the end of next year, and more than a quarter of respondents said it could take even longer.
CEOs expected GDP to contract 3.8 percent for the year.
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“The perspective of the Business Roundtable CEOs reflects the reality of current economic conditions,” Joshua Bolten, President and CEO of Business Roundtable, said in a statement. “We appreciate the actions taken by the Administration and Congress so far to help American workers, small businesses, and communities, but there is much more to do. We encourage policy makers to work together on additional measures that will help quickly end this public health crisis and encourage economic recovery efforts as business operations resume. “
The disappointing reading comes as coronavirus cases have started to rise in areas across the U.S., causing some states to pause reopening plans and others urging people to stay home. The number of confirmed coronavirus cases exceeded 2.5 million this weekend.
The labor market in May had shown some early signs of recovery after the staggering 2.5 million jobs were added and the unemployment rate fell. A reading on the labor market will be published on Thursday in June.
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