Finance

Difficult jobs market may spark a radical shift in spending: Barclays

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The historic consumer price drop in April may be more than a temporary setback.

Michael Gapen, Barclays’ head of US economics research, warns widespread job losses due to the coronavirus pandemic is radically changing Americans’ spending habits.

He suggests the damage will last years.

“Whether this is a permanent shift will in part depend on just how different the world looks when we emerge from economic lockdowns and whether or not we’re ultimately able to get a vaccine,” he told CNBC’s “Trading Nation” on Tuesday.

The Consumer Price Index excluding food and energy, also known as CPI, saw it steepest monthly drop on record last month, according to the Bureau of Labor…



Source cnbc.com

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