Off The Wire
U.S. on track for economic rebound despite virus 'interruptions', Commerce secretary says
WASHINGTON (Reuters) - The U.S. economy is still on track for a strong rebound in the second half of the year, despite Texas’ decision to scale back its reopening as cases of the novel coronavirus spike, U.S. Commerce Secretary Wilbur Ross said on Friday.
“It’s natural there will be some little interruptions as we come back out of the pandemic, but the key thing in my view is consumer spending will continue to lead the recovery,” he told Fox Business Network, citing high consumer saving rates.
“Maybe at most there will be a little slippage from Q3 to Q4, but at the end of the day the important thing is the direction is a good direction,” he added. “The direction is a strong upward direction.”
Reporting by Tim Ahmann; editing by Susan Heavey