In an economic downturn, all eyes of investors and economists are on the indicators that might help spur a recovery.

It’s elevating the importance of some measures, while downgrading others. To PNC Financial Services Group Senior VP, Managing Director and Chief Investment Strategist Amanda Agati, “the health and psyche of consumers” is the key thing to watch going forward. She laid out three that specific indicators that she’s watching in this area: retail sales, restaurant bookings and airline bookings.

“None are anywhere near pre-COVID or even February levels, and that is really important in engaging the health or lack thereof of the consumer,” Agati said at the Greater Baltimore Committee’s Economic Outlook Conference on Tuesday. “Wall Street may be flirting with new highs, but Main Street is clearly not out of the woods yet.”

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