On Monday, we learn that consumer sentiment is the highest since the end of the Great Recession.
On Tuesday, we’re told that Americans’ fear of hunger, eviction and foreclosure are at record highs.
On Wednesday, a new analysis tells us that GDP is expected to grow by 6% in the 1st quarter of 2021.
On Thursday, an article shows that over 10 million people are still unemployed, with tens of thousands of restaurants and bars permanently closed.
And on Friday, one strategist suggests that the stock market will grow by another 30% this year.
Another one says that because stock prices are so overpriced relative to earnings the market is due for a major correction.
Quite a week, eh?
At its worst last spring, over 20 million Americans were laid off or furloughed — suddenly jobless and struggling to make ends meet month after month after month.
Yet, as New York Times writer David Gelles revealed over the weekend, the executives in charge of many of the companies those millions of unemployed once worked for “were showered with riches.”
Less Americans getting infected, more Americans getting vaccinated, $6 trillion in government spending, with at least $4 trillion more on the table, and many trillions more from an anything-goes Fed.
What do they have in common? They’re all converging to create what giddy economists and others, like Axios’ Nicholas Johnston, say will be “a year of U.S. economic growth for the record books.”
With those kind of numbers (think 10 zeros!), it better be record-setting!
Don’t look now, but the economic recovery, rebound or whatever you want to call it has stalled.
It’s not exactly drowning in quicksand (at least not yet), but it’s definitely mired in pools of thickening sludge.
The U.S. reported disappointing job growth for the second straight month and for the third time in six months.
Just 194,000 nonfarm jobs were added to what has got to be characterized as an restless economy in September — a significantly slower pace than the 366,000 number a month earlier.
Economists had been expecting to reach at least 500,000 this time around.