As the US economy transitions from lockdowns—where 90% of Americans were under a stay-at-home order—to continued reopening, we assess the state of American consumer confidence to spend despite the persistent COVID-19 outbreak.

Reopening the economy should, in theory, clear the runway for takeoff, but consumers need the confidence to spend. “While the stock markets have recovered, and employment is getting better, consumer confidence remains very low,” explained LPL Chief Investment Officer Burt White. “The economy’s biggest anchor isn’t that we haven’t reopened—it’s that consumers lack the confidence to spend.”

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