Beth Ann Bovino, the head U.S. economist for S&P Global Ratings, said that the chance of a recession hitting the United States is increasing.
When asked during a Yahoo Finance panel about the prospects of a recession occurring, she said that American households, including individuals who are lower-income, “are still sitting on a nice bit of savings.”
“The reason why is because we spent so many months in quarantine,” she asserted. “Many people didn’t spend and go out and spend … even low-income households have a little bit of a cushion. Higher-income households have a much more, although that’s being hit by certainly the stock market disarray at this point in time.”
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