MetroIntelligence Economic Update by P. DUFFY
August small business optimism index reveals split between current conditions and future
Small-business owners continue to face significant financial challenges as a result of the global pandemic. The current Wells Fargo/Gallup Small Business Index Survey score of 60 is up from April’s 48, but the results remain far below pre-pandemic levels which reached as high as 142 in Quarter 4, 2019. The current readings reflect significantly different perceptions of what is going on currently, contrasted with expectations for the future.
CPI up 0.4 percent in August and 1.3 percent year-on-year
The Consumer Price Index increased 0.4 percent in August and was up 1.3 percent year-on-year. The ‘core’ index (minus food and energy) rose 0.4 percent in August and was up 1.7 percent year-on-year. The sharpest rises during the month were for used cars and trucks (accounting for over 40 percent of the increases), fuel oil and gasoline.
2Q20 service sector revenue down 9.1% from 1Q and 9.3% year-on-year
U.S. selected services total revenue for the second quarter of 2020 was $3,650.4 billion, a decrease of 9.1 percent from the first quarter of 2020 and down 9.3 percent from the second quarter of 2019.