U.S. Economic Indicators

The Chicago Fed National Activity Index improved from +3.50 in May to +4.11 in June. Three of the four broad categories of indicators – employment, consumption, and production – contributed positively to the index, while the sales, orders & inventories category contributed negatively. Chicago Fed Report

U.S. News

The New York Times reports that the coronavirus pandemic may shift activity away from big cities, especially if companies find work from home policies to be successful in the longer term. Cities have traditionally benefitted from dense networks of innovative businesses and highly skilled workers, but skyrocketing rents – coupled with fewer urban amenities and increased teleworking due to the pandemic – may make them less attractive for both companies and workers. NYT

The Wall Street Journal reports that hotels are performing poorly in areas that are experiencing a surge in coronavirus cases, reflecting consumer fears of the virus and an ebbing of pent-up demand in recent weeks. High vacancies at hotels across the country give consumers increased flexibility in their travel plans but limit the consistency of reservations (and revenues) for hotel owners. WSJ