Restaurants, dentists and other service-style companies that dominate the U.S. economy saw a surge in growth in June as businesses reopened. 'Let’s not get too complacent, COVID-19 is still a pandemic and a vaccine has not been developed,' one exec said.
The numbers: Restaurants, dentists and other service-style companies that dominate the U.S. economy saw a surge in growth in June as businesses were allowed to reopen, pointing to a gradual recovery after extended coronavirus lockdowns.
Any number above 50% indicates more companies are expanding, but the big increase in June overstates the improvement in the economy. Growth looked so strong because it occurred after a few months of extremely low activity. Business is no where close to precrisis levels. “Businesses are starting to reopen and the economy seems to be on the road to recovery, but let’s not get too complacent, [as] COVID-19 is still a pandemic and a vaccine has not been developed,” said an executive at a food-products manufacturer.
Big picture: The huge service side of the economy, which employs more than 80% of all American workers, began to rebound in May and gained strength in June. A related ISM survey last week also showed a similar rebound in manufacturing.What remains to be seen is how much a fresh spike in coronavirus cases slows the progress in the economic recovery. Some states have reimposed restrictions and others have paused the next step in reopening to prevent further outbreaks.
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