by Wolf Richter
Was June as Good as It’s Going to Get in the Pandemic Era?
Automakers have been reopening their assembly plants in the US, hobbled by setbacks, including supply chain issues. Other manufacturers too have reopened their plants. Housing construction is moving forward. Other construction segments are weaker. Oil-and-gas drilling – a vast industry in the US with big impact on equipment manufacturing, construction, real estate, technology, transportation, etc. – is melting down, with big bankruptcies happening now densely together. California Resources, the largest driller in California, filed for bankruptcy on Wednesday, following Chesapeake at the end of June. Ecommerce retail is booming, but brick-and-mortar retail in malls is in a death spiral. So in terms of the goods-based sectors, it’s a very mixed bag. And the freight industry tracks those sectors because all these goods must be shipped.