Economic conditions are beginning to reach a point where the new normal can be defined.

The U.S. economy is rapidly reaching a stable condition where determinations can be made as to the nature of the environment post-pandemic. Personal income, spending and inflation for May were released last week. While the economy was not fully opened for the month, a sufficient level of activity was occurring to allow some conclusions to be made. Personal consumption expenditures were unchanged from the prior month when they increased by 0.9%. Durable goods spending declined by 4.3% from April. Auto, furniture and appliance and recreational goods all declined. These had been the items which grew in the first four months of the year. The service sector spending including restaurant and hotel spending increased by 1.0%. Gasoline spending rose by 2.3% for the month. People are returning to work and are driving for vacations again.