As goes the U.S. consumer, so goes the U.S. economy.
Though rising stock and home values have helped older workers and retirees, they have less time to make up for financial losses.
With unemployment so high and concerns about the coronavirus spread, we likely won't see a rebound in consumer spending anytime soon.
As states relax lockdown rules, consumers may start to feel better about the current situation. The future might take longer.
Demand will come back after the coronavirus pandemic subsides, but how much demand? And for what?
Consumer confidence has fallen back to approximately the level at the start of 2020.