Remember when analysts and economists were saying we’d see a V-shaped recovery? They may be rethinking that thesis now.
There are early indicators that the recovery, which quickly gained traction as states started reopening, may be losing steam as cases continue spike across the country.
New cases of the coronavirus have skyrocketed in recent weeks, hitting a record of roughly 60,000 new cases on July 9. Big states like Texas, Florida, and California, are now battening down the hatches once more, by reimposing restrictions for bars, restaurants, beaches, and more. But cases of the virus are now on the rise in many states.
Moody’s Mark Zandi recently told Fortune there’s a “zero chance” of a V-shaped recovery now.
Instead, another shape may be, well, taking shape.
Deutsche Bank senior U.S. economist Brett Ryan was among those who predicted a “reverse square root symbol” shaped recovery months ago.
“This speaks to what we’ve been saying for a long time, which is that this is not going to be a straight line, lock-step recovery, up and up and up. It’s going to have some bumps along the road,” Ryan tells Fortune. Indeed, Ryan told Fortune in …