What does this say? I suggest three things.
First, much of the country is still locked down.
Second, people do not want to take risks, and are not.
Third, as a result, we have not seen the rises in cases that were expected (the good news) but nor will we see economic recovery.
The country has more sense than the government in other words, and the model of rational people that too many economists use is not rational because it did not predict what rational people might do in the face of misinformation and mismanagement.
Not taking risks and remaining – mostly – locked down is rational.
Folks are not taking risks and remaining – largely – locked down.
Folks are not rational says the P³
All of which is before we even get to the idea of economic rationality. Which is not that folks are calculatedly rational, but that they are rational in their tastes and preferences. You know, an entirely different idea?