REUTERS: A record-setting drop in the US economy from April to June has given way to an increasingly tepid-looking rebound as consumers appear to pull back and businesses slow rehiring, data from a variety of high-frequency sources and macro analysts indicate.
The"biggest mistake anyone can make is to confuse rebound for recovery," Reinhart said, estimating GDP will not reach its prior peak until 2022, and full recovery in the labor market is likely to trail that. Following steady increases in May and June, measures of foot traffic to retail stores largely flatlined through July. While cellphone data collected by Unacast showed foot traffic in the nation as a whole edging towards 2019 levels in the week ended Jul 25, that was largely as a result of improvement outside large states like New York, California, Texas and Florida that account for about a third of the U.S. economy.
An Oxford Economics index combining a variety of economic, health and other measures has remained flat in recent weeks.The drop was attributed to a fall in retail sales, which is incorporated into the index using a weekly estimate by Redbook of year-over-year sales.
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