It’s a fact, the U.S economy, almost 70% of it, is driven by the consumer and consumer spending. As the COVID-19 virus makes its way around the world, oil prices have dropped 30%, from the start of the year and that should quickly be appearing at the gas pump. The average rate on the 30-year fixed mortgage rate has fallen to an 8-year low. In the short term this is all positive news for U.S. consumers. On the flip-side, economists are warning that the COVID-19 virus could tip the U.S. economy into a recession, should the outbreak continue to escalate in the U.S. and around the world.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Plummeting oil prices and mortgage rates could boost consumers rattled by coronavirus fears