Pandemic’s impact on the economy: What you should know
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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.
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"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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