Snapshot Update on the Economy
While the stock market shot up 900 points today, there are other points of economic interest.
Here's just a few factoids to give you a sense of the impacts of COVID-19. This is not the 'be all, end all' but it will give you as sense of where are today in May 2020.
- Fuel demand is rebounding. While consumer demand is significantly down compared to pre-pandemic levels, gallons purchased in the last three weeks of April increased by 9%. Weekly fuel demand is still 31%down from the same time last year. States that reopened saw greater increases in gas purchases than the national average.
- Food: The “food at home” consumer price index from the Bureau of Labor Statistics cited a 2.6% rise in prices for April. The rise of staple prices is directly related to increased demand from people staying home as well as unprecedented and sustained demand from the public.
- Health and Medical: Shortages of gowns continue to be cited as one of the most need items of PPE.
- Maritime: Forecasts for July inbound capacity are expected to be revised as the economy restarts and fewer blank sailings are scheduled. However, analyst note it is possible that a stalled restart of the economy will depress container imports even further.