These 4 economic signals suggest the COVID-19 recovery is losing steam as cases spike

• High-frequency economic data shows that in the last few weeks, the initially swift V-shaped recovery may be slowing down. 
• Last week, the June jobs report showed that the US economy added a record 4.8 million jobs, the second month of gains in the recovery from the pandemic recession. 
• But the report showed only the first few weeks of June and thus didn't reflect the response to new surging coronavirus cases in the US, which have peaked and forced some states to pull back or pause reopening plans. 
• While the Trump administration insists that the US won't shutdown its economy to deal with the spike in COVID-19 cases, consumer and business activity could be impacted by anxiety over the virus.
• Here are four charts that suggest that economic activity is leveling off or declining as coronavirus cases spike. 
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New high-frequency data suggest that the swift, V-shaped recovery from the pandemic recession seen in early economic indicators may be losing steam as new coronavirus cases surge in the US. 

Up until the last few weeks, there were positive signs of a quick recovery underway in the US. Economic indicators such as retail sales notched record jumps, and a number of high-frequency data in mid-June showed consumer activity heading in the right direction. 

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See Also:

• A gauge of US consumer comfort falls for the first time in 7 weeks as coronavirus cases climb
• A gauge of US service activity posts is biggest monthly jump since 1997 as the economy reopens
• These 6 charts from the June jobs report show how much the economy has recovered — and how much further it has to go

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