May 2020 Economic Recap
Spending on hotels, restaurants, airlines and more appeared to be increasing in May, though from a very low level. Despite being down almost 90% on the year, the number of people passing through TSA security screening checkpoints on May 24th increased to 267,451 from 87,534 on April 14th. Despite such signs of recovery, the economic outlook remains uncertain, as factors supporting activity including emergency spending from Congress, a fall in daily reported COVID-19 cases and reopening could all be temporary.
China announced a new security law for Hong Kong, with the aim being to stem pro-democracy protests. The new laws would significantly limit the territory’s autonomy by overriding Hong Kong’s system of self-governance. The move threatens to strain relations further between the U.S. and China as they work to keep their previously negotiated trade deal intact.
For a deeper consideration of the economic data released during May, please follow the links below: