History was made last week, as the Commerce Department released 2nd Quarter GDP data - the worst report ever, far larger than any other drop, including the Great Depression or Great Recession, with a decline of 32.9%. GDP, simply, is the value of goods and services produced. This decline, as alarming as it is, was expected, due to the Covid-19 pandemic and associated economic lock-down. With the bad, comes the good: Vaccine trials look to be on the right track, manufacturing data is increasing and corporate earnings continue to beat analyst expectations. The stock market has posted 4-consecutive positive performing months and August looks to have the same momentum, at least to start the new month.
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