The recovery as the economy re-opens has been stronger than expected.
It is clear April was the bottom on the economy. Businesses began to open during the last half of May and the data released confirms the rebound. The data from last week was highlighted by the extraordinary jump in retail sales. The better than 17% increase reported for May does not fully offset the declines in March and April. Sales are down 6.1% year-over-year. The strength of the rebound should be confirmed with the personal spending data due out this Friday.
PROBANK AUSTIN ADVISOR - JUNE 22, 2020