Evaluating the Re-Opening of the Economy: A Consumption Perspective
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By several metrics, it appears the depths of the slowdown occurred in April, not May. The month-to-month bounce in May\\u2019s macroeconomic data is encouraging, no questioning.
\\nYet, the first 20% improvement is much easier than the last 20%. In addition, we may be too focused on the April to May comparison, as seasonal effects normally result in an improvement in May.
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