Despite the Memorial Day holiday and protests erupting nationwide, National RO was down only -10% beating our forecast (-11%) by a nose. New Covid-19 cases stayed below 150k for the second week in a row. Our forecast for next week is -11% versus 2019.

Market level forecasts were less accurate than last week. Our worst miss was Portland where we forecast -18% but activity plummeted to -43%! Ouch. We hit the mark in Philadelphia and missed by only 1% in Minneapolis, Seattle, St. Louis, and Washington DC. Forecast error as measured by mean absolute deviation (MAD) was 5.3%, worse than last week but slightly better than 2 weeks prior. Temperatures are warming this week with Dallas, Houston and St. Louis expecting high temps in the 90s while Phoenix will again hit a scorching 110.