2 REGIONAL -- 2.1 NORTH AMERICA -- United States

The U.S. economy has been heavily affected by the pandemic, which has generated very high unemployment; however, consumer confidence appears to be higher than expected. The pandemic has brought much uncertainty to the economy, and the November election compounded the situation. The Federal Reserve has cut interest rates and injected unprecedented stimuli into the economy. The early summer in 2019 was cool, whereas this summer was relatively hot, which is good for demand. Residential construction was greatly affected in April and May, but has seen a quick recovery to the pre-March level. Commercial construction has been significantly impacted in 2020, and this trend may continue in early 2021.