There has been steady improvement in recent economic indicators and it appears that the economic downturn bottomed out in April. However, recent spikes in COVID-19 cases in various parts of the country are a major cause for concern as they delay further reopening and may result in new lockdowns in some states. This will likely affect the shape of the economic rebound and create new uncertainties and risks. An industry-based forecast model developed by The Conference Board yields three scenarios with a range of annual economic contractions from -6.4 to -7.2 percent in 2020 compared to 2019. Recovery to precrisis levels in the near term remains unlikely.