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Economy snapping back but still has long way to go, alternative data shows

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A customer shops at Cliff’s Variety on June 16, 2020 in San Francisco, California.

Justin Sullivan | Getty Images

The U.S. economy has shown signs lately that it could be snapping back to life more quickly than many anticipated, but there’s still a long way to go.

May’s burst of spending from consumers who had all but shut down the previous two months helped kindle hopes that activity is returning again from a recession that started in February. Strong housing numbers and record-breaking increases in manufacturing activity for the New York and Philadelphia regions added to an air of optimism.

But many economists these days are looking deeper than the usual suspects of macro data.

Instead,…



Source cnbc.com

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