- 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.
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.
