Recession Recovery

In normal recessions, durable goods get hit, then reverse and lead the recovery. It’s because this sector is $2 trillion, 10% of GDP, pays well, has large multipliers, and you can make up for many delayed big-ticket purchases. This recovery depends on services like hotels, restaurants, air travel and casinos recovering. They are just $800 billion, 4% of GDP, pay poorly, and making up for lost services is largely impossible.