Exports are helping the commodities market but here in the U.S., closures are still impacting the service industry and in turn domestic consumption.
According to CoBank’s Daniel Kowalski, “Services, obviously, are the ones being hit the hardest. That’s going out to dinner, going out to any sort of entertainment, whether it’s sports or arts, it’s travel, it’s all those sorts of things... We can’t do all the things we like to do outside the home, we might as well make ourselves comfortable and entertained inside the home... We’ve been consuming a lot more goods than usual. We’ve blown past the pre-pandemic levels.”
He says that services, which are a much bigger portion, are still well below the pre-pandemic level.