The coronavirus pandemic and ensuing global lockdowns led to fears of a systemic meltdown, but the recovery in the U.S. and around the world has been stronger — and faster — than many predicted. But will it last?  Looking at the sectors of the U.S. economy more closely, we can divide it into three parts that were impacted very differently: Sectors that were largely unaffected by Covid (ex: finance and housing); sectors that were impacted by lockdowns, but not social distancing that bounced back relatively quickly (ex: autos and durable goods); and sectors that are won’t be able to meaningfully recover until there’s a vaccine (ex: hospitality, travel). We’ve largely exhausted the “easy” phase of the recovery and the next leg hinges on that third group of sectors.

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