With the U.S. economy facing its potentially deepest economic decline in nearly a century, Wall Street is pulling further and further ahead from Main Street.
tumbled more than 2% on Tuesday as investors weighed the risk of a second wave of infections against hopes for a reopening of the economy led by easing stay-at-home restrictions. Still, the benchmark has recovered around 30% since hitting March lows, even as wages decline and personal expenditures flatline.Global stocks tell the same story, with the MSCI World index recovering strongly even as global purchasing managers’ indexes decline.
A report from the National Federation of Independent Business on Tuesday showed small business sentiment USOPIN=ECI slid in April to its lowest level since March 2013. Small businesses are being hit disproportionately hard by prolonged shutdown, and the following graphic shows that while the survey respondents’ forward view of the economy improved, sales expectations tumbled.
Recent data also shows the prime-age workforce is shrinking because of the pandemic, with women taking the biggest hit.
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