If you're looking for reassurances that the economy will bounce back in the near future, you won't find it in the latest report by real estate firm JLL. The prevailing theme in JLL's economic report is uncertainty—uncertainty about the trajectory of COVID-19 as well as government policy reacting to the virus.
The good news is that JLL predicts the recession to be short, though "deep." The bad news is that it will be followed by a long, tough recovery period, dotted with uncertainty.
Recent data indicate there's "massive uncertainty concerning income" that could constrain spending and trigger austerity. For instance, while real personal spending increased quickly in May after the largest drop on record, personal income also declined, after the initial boost from fiscal stimulus in April.
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