A look at the industry's post-pandemic recovery progress
By Harold Dupuy
The post-pandemic recovery has exceeded most expectations. Many factors assisted the rapid recovery: the federal government stimulus programs, increasing personal income, increasing bank account balances, pent-up lockdown demand, and an urge to return to “normal.” With the newfound liquidity, consumer spending, which accounts for almost 70 percent of the country’s total Gross Domestic Product (GDP), soared by 21 percent on a YTD May basis for goods. Meanwhile, services that lagged in 2020 are now recovering with positive YTD growth of 6 percent.