Pandemic’s impact on the economy: What you should know
While many businesses were impacted by economic losses due to the pandemic, a new government report finds the pandemic didn’t impact consumers all that much.
Due to stay-at-home orders, people didn’t use their vehicle as frequently as they did before, and therefore spent less on fuel, said economist said South Texas College economics professor Teo Sepulveda.
"Even the gasoline, it was predictable that since the price collapsed so much between April and May, it was actually going to catch-up within time, and that's what is happening,” Sepulveda said.
Sepulveda said at the start of last year, the Federal Reserve lowered its interest rate to nearly zero percent, giving banks a great chance to provide more lines of credit.
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