Issue Summary

It was nice while it lasted. But the U.S. demand recovery has lost its momentum. After a near-complete freeze in discretionary air travel that started in late March, Americans gradually became more comfortable getting on planes, to popular fun spots like Florida and Arizona. May was better than April. June was looking better than May. By late June though, Florida and Arizona were among the new global epicenters of the Covid-19 pandemic. Would-be travelers grew increasingly wary. Just as damagingly to the recovery, states like New York and Illinois told anyone returning from a hotspot like Florida to quarantine in…