So you take one sector and use that data to analyze an entire economy? Looking to the news for in depth business analysis? No one In business gets market info from the news or main stream media. You go to industry specific publications for that. I’m in meetings with companies that sell billions in product yearly multiple times a week. Currently most meetings consist of going over third quarter reports, fourth quarter projections and projections for next year. Most people don’t know there are market projections and reports that track virtually every consumer good/service. You can get projections for home window sales to screws to toilet paper. Everything is tracked and all the various industries have impact on the economy.
since you cherry-pickt what you get off google and now not in multiple meetings weekly with companies literally pleading to push any possible projects their way. I attached a chart From the American Institute of Architects. Non-Res construction growth was forecasted at 1.5% for 2020 - meetings we had for our industry was forecasted at 4%. The chart shows the Actual loss COVID created. The loss was recalculated to be 14% - a 15.5 point swing. Institutional loss is less, but only because projects are being pushed up due to campuses being closed. There will be a big gap to be made up in that market in the next few years because new projects are not being developed until the dust settles. Many industries/markets are tied to construction. Losses from lighting, fixtures, paint and other building materials were at minimum 33% for ALL companies, the ones we deal with, in the last two quarters. A few companies are to the point they might have to sell to competitors. All these companies furloughed people at the very minimum and most had large layoffs. If the construction market doesn’t bounce back quickly, You will see how consumer spending is tied to the construction market.
Looking at Online spending to predict economic health, or Covid impact, is plainly ridiculous. You only see that Online, on news channels with people trying to push a narrative or from people who think their google search-analysis research is better than actual real world experience.
Referenced Article:
https://www.aia.org/pages/6287230-an-update-on-2020-projections-for-the-nonr