Economist Gapen Sees Uneven July, August Data on Virus Spike

The transcript discusses the state of the U.S. economy post-lockdown, highlighting a V-shaped recovery in household spending and durable goods. However, challenges remain in the services sector, which is more affected by COVID-19. Mobility trends have stagnated, especially in areas with rising COVID cases, impacting economic growth. The FOMC's upcoming meeting will focus on acknowledging recent data improvements while maintaining a cautious outlook due to ongoing uncertainties. The Fed is expected to continue its current policy stance without rate hikes, emphasizing the need for progress in controlling the virus to sustain economic recovery.

What role does the services sector play in the economic recovery as mentioned in the text?

What is the speaker's perspective on the Federal Reserve's upcoming meeting and decisions?