America's Rebalancing Continues (plus a note on the nonfarm payroll benchmark revisions)

Consumption is shifting from goods to services, manufacturing production is up, inventories are getting restocked, and elevated housing construction should help buyers

The U.S. economy continues to rebalance from the coronavirus shock. Here are a few of the highlights of the main data releases of the past few days—plus some thoughts on what we now know about the job market thanks to the latest benchmark revisions from the Bureau of Labor Statistics.¹

The consumer

While dollar spending on retail and food service sales fel…