by Wolf Richter
It’s going to be a tough slog forward.
There had been hopes that April was the bottom for the goods-based sector. And that May would be the bounce, the beginning of the V-shaped recovery. In retail land, there was a bounce in May as consumers started spending their stimulus money, sending ecommerce skyrocketing, and triggering a big bounce from abysmal lows in some other retail segments. But that has not been the case in the rest of the goods-based sectors, such as manufacturing, oil-and-gas production, construction, and others. Just this morning, the Census Bureau reported that housing starts in May were down 23% from May last year.