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How the Coronavirus is Impacting the Economy
Here are some clear statistics to show where coronavirus induced business opportunities are.
Low-wage earners are in for some difficult times ahead and that is particularly troublesome because the wealthy are spending less.
“Recession has nearly ended for high-wage workers, but job losses persist for low-wage workers.”
“As of September 2020, total consumer spending in the United States is only down 3.8% compared to January of this year.”
“But when you break consumer spending down by socioeconomic class, you realize that low-income citizens are spending more today than they were in January and high-income citizens are spending almost 10% less.”
“Across all socioeconomic classes, grocery spending is up 10% year-to-date, and restaurant/hotels (-24%) and transportation (-46%) are down significantly.”