New coronavirus hotspots risk turning an initial V-shaped bounce into a W- or L-shaped economic slump, Bank of America said Tuesday.
Optimistic labor market data and retail sales in May fueled hopes for a quick recovery, but the reopenings that drove economic activity are now contributing to the pandemic's rapid spread across the US.
The bank's economists expect half of the US to be affected by the coronavirus' resurgence when its spread peaks.
"With half of the country slowly opening and half...
Read this story at Business Insider