Today, I'd like to provide an update on the coronavirus, including the economic and market implications. We had good news on the medical front, as the pandemic remains under control. Case growth is down, and the case growth rate remains well below the lows seen in mid-June. Still, testing continues to be an area of weakness, and the possibility that school reopenings will lead to more infections is a concern.
Turning to the economy, we’ve seen improvements in the data. Layoffs dropped back down, and unemployed people moved back to work at a faster rate. Plus, consumer confidence showed signs of bottoming after some recent weakness, even as consumer spending ticked back up to a post-pandemic high. Despite worries about the effects of the second wave and the expiration of federal income support programs, the economy remains on track.
The markets have certainly responded to this good news, hitting new highs before the recent turbulence. But what can we expect ahead? Watch my latest video to learn more.