The outlook for the economy has turned decidedly worse due to the virus.
Data reflecting the impact of the surge in the virus is just now beginning to be released. Retail sales from October increased well below expectations and the prior months. This data does not include the service sector declines which will have the biggest impact on fourth quarter economic growth. As the virus has spread, more states are restricting the operations of restaurants and travel services such as hotels and airlines. Travel for the Thanksgiving holiday will be well below what has been considered normal. The virus began to accelerate in the middle of October.
PROBANK AUSTIN ADVISOR - NOVEMBER 23, 2020