The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to the global economy, the work place and the spread of the virus.
________________________ CONSUMER DURESS: The consumer drives about 70% of all economic activity in the U.S., and that engine is sputtering.
with millions of people shut in their homes. — The company that runs Coach, Kate Spade and Stuart Weitzman stores extended the closure of all locations in North America and Europe by two weeks, to April 24.
Tapestry on Friday suspended share buybacks and CEO Christopher Rondeau voluntarily gave up his base salary. — Citi expects that the chill in consumer spending will forestall the Fed's 2%