COVID Flare-ups: The rise in cases has created renewed volatility in stocks because it may slow economic progress. But it has yet to create the kind of instability we saw in the early days of the pandemic.
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Reopening of State Economies Boosts Sales; Job Losses Remain High. We’re far from reclaiming the economic highs of pre-COVID America, but activity is rising, and it is evident in consumer spending.
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“We're Not Even Thinking About Thinking About Raising Rates”. That statement came from Fed Chief Jerome Powell after the Federal Reserve kept interest rates unchanged last Wednesday.
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Astounding jobs report! Analysts had expected the unemployment rate to rise from 14.7% in April to 19.8% in May. Instead, the unemployment rate fell to 13.3%.
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The savings rate soared from an already-lofty 12.7% in March to a record 33.0% in April, as Americans continued to slam the brakes on spending. The prior record of 17.3% occurred in 1975.
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