By Kyle Cheng
According to the latest “SEMA Industry Indicators” report, while many economic indicators remain down from pre-pandemic levels, they have started to recover from the lows seen in April.
What will go down in the record books as one of the steepest and deepest economic declines in U.S. history will likely also be the shortest. While many economic indicators remain down from pre-pandemic levels, they have started to recover from the lows seen in April.
Furthermore, consumers seem ready to return to normal economic activity once COVID-19 is sufficiently handled.
The U.S. auto industry was impacted by this economic downturn, but is starting to recover now that the country is reopening. New-vehicle sales were up in May, and the motor vehicles and parts manufacturing sector added 28,000 jobs. Additionally, by mid-June, most vehicle plants in the United States would have resumed production.
Want more information on the trends affecting the specialty-equipment industry? Download the June “SEMA Industry Indicators” report, now available for free at www.sema.org/research.