Posted on 06/30/2020 2:12:48 PM PDT by SeekAndFind
WASHINGTON—As states across the country progress through their reopening phases, some economic indicators that surpass expectations have boosted hopes of a speedy U.S. recovery.
A spike in retail sales and in personal consumption in May indicated that consumers were back and eager to open their wallets.
While the U.S. economy shows clear signs of recovery, some economists are taking a more cautious stance, raising concerns about the possibility of a second wave of COVID-19 that could stall reopening plans and hurt consumer spending.
Despite some setbacks in several states, White House economic adviser Larry Kudlow still predicts a sharp economic recovery in the second half of the year.
“Virtually every number is showing a V-shaped recovery now—private surveys, government statistics, restaurants, home builders, truckers, durable-goods makers, Apple mobility and travel, gasoline demand,” he said on June 26 during a workforce policy roundtable at the White House.
The consumer spending number is “tremendous” and will continue to be a key driver of the recovery, he said.
Consumers increased their spending by a record 8.2 percent in May after sharp drops in March and April caused by strict lockdown measures across the country. American consumers account for more than two-thirds of economic activity and are expected to spend more in the coming months as stores and restaurants reopen their doors.
The U.S. consumer confidence in June also posted the biggest increase since late 2011, beating the estimates.
According to Kudlow, if consumer spending grows by 20 percent in the second half of the year and 5 percent in the first quarter of next year, “we will be right back to the peak in 2019.”
Retail sales, which account for about a quarter of all consumer spending, rose 17.7 percent in May, marking the biggest monthly increase ever.
(Excerpt) Read more at theepochtimes.com ...
According to the revised forecasts, there will be a stronger rebound in the third quarter, with 33 percent economic growth, up from 29 percent previously. Hatzius also raised the outlook for the full-year GDP contraction to -4.2 percent from -5.2 percent earlier.
With the economy coming back, we need another RUSSSIIAAA story to take Pres. Trump out. It is almost a mental tic to go back to Boris Badenov and Natasha using those naked pictures of Trump into blackmailing the President not to go to war with RUSSSIIIAAA over the bounties they pay to the Taliban.
The democrats are going to hate this.
Fauci and the leftist governors are prepared to render whatever assistance necessary to reverse any recovery.
According to Kudlow, if consumer spending grows by 20 percent in the second half of the year and 5 percent in the first quarter of next year, “we will be right back to the peak in 2019.”
Yeah, that ain’t happening
Too many out of work and will still be out of work come April next year...
Uh oh. Time for more riots. Or more Beer Flu. Or, maybe riots AND Beer Flu.
Hence, the recent ermagerd, there's a spike in cases we need to shut down again spazz attack by everyone.
They CANNOT let normal life and commerce resume.
I guess you have just as much right to an opinion on the economic outlook as anyone. However, I think I'd rather just ask my mailman. :)
Well, if a larger number of people are unemployed next April than were unemployed in February of this year, does it make sense that absolute dollars being spent in the economy are going to be less?
Ask your mailman that...
These economists clearly haven’t gotten the latest memos from Rat Party Headquarters.
Preparing to purchase durable goods to boost Third Quarter GDP.
Needed for a while. Just waiting til right time.
IMHO: Right now the housing market is red hot. Sellers market on steroids. I’ve heard anecdotal reports of heavy automobile sales, to the point where some are discussing coming shortages of new vehicles. Right now used car prices are up big.
We are likely to see record setting “unexpected” good economic data for the rest of this year.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.