Business Conditions

The policy-induced recession of 2020 has resulted in more than 45 million jobs lost. As lockdown restrictions ease, signs of bottoming and recovery are starting to emerge.

Housing starts were mixed in May, but permits were broadly higher, supported by easing lockdown restrictions, low mortgage rates, and rebounding builder confidence.

Easing of lockdown policies in May is aiding in the reversal of some of the economic carnage from March and April.

Retail sales posted a surge in May, coming out of the policy-induced economic coma but a full return to pre-pandemic conditions is likely months, and possibly quarters, away.

Consumer attitudes are improving along with the labor market, but significant concerns regarding the outlook remain.

Continued slowing of initial claims and a drop in unemployment are among the signs the economy may be bottoming and setting the stage for recovery.

A rebound in small-business confidence and possible stabilization in retail spending as restrictions are lifted provide hope for a quick end to the newly declared recession of 2020.

More than 3 million private U.S. jobs were recovered in May, providing hope that the economy may already be bottoming, setting the stage for growth in the near future.

Auto sales partially rebounded in May following a two-month plunge. Some areas of the economy may be bottoming, setting the stage for growth later in the year.

Continued slowing of initial claims may be a sign the economy is bottoming and setting the stage for growth later in the year.