Although New Unemployment Claims Are Being Filed, The Overall Unemployment Rate Fell Slightly: 3.86 Million Americans Canceled Their Ongoing Unemployment Claims - Meaning, Most Likely, They Got Their Jobs Back. Consumer Conscious Index At Its Highest Level Since 2017.
Another 2.4 Million Workers Filed For Temporary Unemployment Benefits For The Week Ending May 16, 2020 Bringing The Total To 38.6 Million. 40% Of People Making Less Than $40,000 Have Lost Their Jobs Over The Last Month.
From the last recession, we see many consumers willing to switch to private brand. Expect that trend to continue after COVID-19. Alcohol pricing also continued to rise despite trying times in the last recession.
The survey closed before the World Health Organization declared the COVID-19 outbreak a global pandemic on March 11. The results reflect a more positive state of mind of the consumer than is the case today.