From SEMA eNews/Written By Kyle Cheng

Economic indicators, such as consumer spending and new vehicle sales, showed a strong bounce back in May and continued to improve in June. However, other metrics, such as unemployment, will take much longer to recover.

The U.S. economy is recovering, but it will take time before the levels of production, output and economic activity enjoyed prior to the onset of the pandemic returns. April appears to have been the bottom of the economic downturn. Economic indicators, such as consumer spending and new vehicle sales, showed a strong bounce back in May and continued to improve in June. However, other metrics, such as unemployment, will take much longer to recover.

Furthermore, data shows that Americans have money to spend and are putting their money in savings at a higher rate. Savings represents pent-up demand among consumers that will return once confidence and clarity about the current situation is more certain.

Want more information on the trends affecting the specialty-equipment industry? Download the July “SEMA Industry Indicators Report,” now available for free at http://www.sema.org/research.