In contrast, in the absence of the CARES Act, only about half of working families would be able to cover six months of expenses by relying exclusively on their liquid savings and standard unemployment insurance benefits. -6the strength of the recovery will depend importantly on the timing, magnitude, and distribution of additional fiscal support.
At the sectoral level, there is substantial heterogeneity in the effect of COVID. Recent data suggest that the recoveries in sectors such as manufacturing, residential construction, and consumer goods are likely to be relatively more resilient, while consumer services are more likely to remain hostage to social distancing.