As the coronavirus pandemic continues to spread, it is clearly having a negative impact on the U.S. economy and will likely lead to a contraction with higher unemployment rates and bankruptcies. Consumer-facing sectors, such as lodging, travel, restaurants, and entertainment will be hit harder than others. But depending on how fast the virus spreads and the responses by governments, the economic impacts could very well be much wider. For example, in Italy, which saw its infection rate soar sooner than the United States, the government has ordered all commercial retail stores, with the exception of grocery stores, pharmacies, and banks, to shut down.
