FILE - A sign at a motel lobby states "WE ARE CLOSED FOR BUSINESS" during the coronavirus pandemic on May 7, 2020 in Atlantic City, New Jersey. WASHINGTON (AP) - Having endured what was surely a record-shattering slump last quarter, the U.S.
economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year.A huge plunge in consumer spending as people stayed home and avoided shopping, traveling or gathering in crowds as the virus raged is estimated to have sent the economy sinking at a roughly 32% annual rate in the April-June quarter.