In May, retail sales including autos and food jumped 18.2% M-o-M and in June they jumped another 7.5% M-o-M and are now up 1% Y-o-Y! A V-shaped recovery, albeit one aided by substantial government support. Similarly, housing starts jumped 8.2% in May M-o-M and another 17.3% in June M-o-M and are now down 4% Y-o-Y and up 0.7% YTD. Continued federal assistance is critical if this is to continue.