As a business owner, you understand the importance of planning. You plan out inventories, employee work schedules, customer meetings, and revenue projections. But have you given serious thought to planning out what will happen when it’s time for you to step away from your business? This is …
U.S. GDP fell 32.9% last quarter on an annualized basis. It wasn’t as bad as it looks. Annualizing the data magnifies the decline by assuming the trend will continue for a full year. A better assessment can be gained by comparing GDP to the same quarter last year.
The increased number of COVID-19 cases appears to be pressuring employment in the U.S. Last week, the number of initial unemployment claims rose from 1.3 million to 1.4 million. (See Figure 1.) After slowly declining for weeks, the uptick shows signs of a weakening job market.
Evidence for a sharp, although possibly brief, economic recovery continues to mount. As shown in Figure 1, retail sales rebounded another 7.5% in June and are now 1.1% higher than a year ago. Signs of economic reopening showed up throughout the data released last week.
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Stocks continued to climb in the face of an increasing number of new COVID-19 cases and evidence the surge is stifling the economy’s ability to recover. Initial unemployment claims dipped to 1.3 million, but they have remained above 1 million for 16 consecutive weeks.
The S&P 500 wrapped up its best quarter since 1998, gaining 20.5%, amid a strong employment report and continued concerns as the United States and the world posted a record number of coronavirus cases.
