By Kyle Cheng
According to the latest “SEMA Industry Indicators Report,” in April, unemployment reached a record high of 14.7%, but about 18 million of the 23 million newly unemployed expect to be only temporarily out of work.
While the last few months have been challenging for the U.S. economy, there is some positive news. The economy reached what economists believe was the depth of the recession around mid-April, and expect gradual economic improvement over the coming months. Consumers will ultimately decide when and how the economy reopens, but things are starting to look up.
Unemployment has widely been discussed over the last few months. In April, unemployment reached a record high of 14.7%, but about 18 million of the 23 million newly unemployed expect to be only temporarily out of work. Getting those individuals back to work will be paramount in the coming months.
Want more information on the trends affecting the specialty-equipment industry? Check out the SEMA Industry Indicators Report each month to learn how movements in the broader economy may impact your business strategy. In this report, published monthly, you’ll get a snapshot of the overall economy and our industry, including:
- Overall Economic Outlook
- New Vehicle Sales and Statistics on Auto Parts Production
- Consumer Sentiment and Spending
- Economic Growth and Unemployment
- Other Important Industry Insights
To learn more, download the May “SEMA Industry Indicators Report,” now available for free at www.sema.org/research.