The data continues to paint a bright picture, but the spread of the virus could change that.

The limited economic data last week did nothing to change the course of the strong rebound being reported. The JOLTS data for the end of May recovered a significant portion of the declines experienced in April. The labor market is continuing to recover from the job losses in the March and April period. The decline in consumer credit reported for May does reflect the strong rebound in consumer spending is being financed with current income and not increased borrowing. These two data points are consistent with the rebound in consumer confidence as the economy re-opens.

 

PROBANK AUSTIN ADVISOR - JULY 13, 2020