Unemployment is still somewhere between 13-17%. Many small and large businesses are still in the process of trying to survive (multiple large bankruptcies already). Even the very large companies are having some layoffs and/or hiring freezes. I've heard talk at my company that there might not be any bonuses for anyone this year, which would affect how much people spend.

The virus is far from over and may erupt into a second wave by the end of this year (or even this summer), which would further impact the economy. The travel industry is still very much beaten down and will not be at full capacity for a long time.

The stock market is being propped up by Fed spending and is a bit of an overinflated bubble given that we still haven't seen the full quarterly impacts from COVID. Lots of companies did not even give forward guidance on their recent quarterly reports.

Many companies are still in an extended work from home stance that may be permanent for a lot of workers and thus affect commercial real estate as well as local businesses that depend on that foot traffic from office workers.

And globally there is a TON of debt from governments to keep economies from collapsing that will impact policies, taxes, and basic services in many countries for a long time.

I'm not trying to be doom and gloom. These are just some basic observations I see that the economy is far from recovered or even stable.