The Atlanta Fed/Chicago Booth/Stanford Survey of Business Uncertainty for April showed the level of uncertainty at a new high of 222.5 that rose steeply from the then-record of 136.6 in March. Conversely, as uncertainty has deepened, expectations for activity over the next four quarters plunged to a series low of 47.1 in April. The long and short is that businesses are abruptly and significantly more worried and the changes in economic conditions and the implications for the future. The COVID-19 pandemic and necessary steps to combat it are to blame.
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