By Kyle Cheng
According to the latest “SEMA Industry Indicators” report, retail sales are currently above levels seen in January before the virus hit, strengthened by government financial stimulus and unemployment.
As American consumers and businesses alike continue to adjust and adapt to the coronavirus, the U.S. economy continues its recovery. Retail sales are currently above levels seen in January before the virus hit, strengthened by government financial stimulus and unemployment. Likewise, manufacturing is also slowly coming back, although it remains below its pre-pandemic levels.
The automotive sector continues to heal, showing continually strong month-on-month growth. Though auto sales still are below their levels before the virus, they have recovered much of the decline experienced in April and May.
Ultimately, the outlook for the remainder of 2020 will depend on the course of the virus. It will take some time before levels of production, output and economic activity enjoyed prior to the onset of the pandemic return to their pre-pandemic levels.
Want more information on the trends affecting the specialty-equipment industry? Download the August “SEMA Industry Indicators” report, now available for free at www.sema.org/research.