Posted on 07/07/2020 9:51:09 AM PDT by lasereye
The numbers: Restaurants, dentists and other service-style companies that dominate the U.S. economy saw a surge in growth in June as businesses were allowed to reopen, pointing to a gradual recovery after extended coronavirus lockdowns.
The Institute for Supply Management’s index of nonmanufacturing companies jumped to 57.1% in June from 45.4% in May, marking the single biggest increase since the survey was created in 1997. It was also the highest reading since February and easily topped the 51% forecast of economists polled by MarketWatch.
Any number above 50% indicates more companies are expanding, but the big increase in June overstates the improvement in the economy. Growth looked so strong because it occurred after a few months of extremely low activity. Business is no where close to precrisis levels.
What’s more, a resurgence in coronavirus cases has already delivered another blow to restaurants and other businesses that rely on crowds of customers. That could dampen business in July.
(Excerpt) Read more at marketwatch.com ...
They live in hope. (And probably have options that go worthless if momentum sustains.)
Don’t worry, Herr Fauci and the DNC will shut us down again.
Big lay offs at my wife’s hospital today.
They are bleeding cash.
We are on a sugar high right now. I am pretty sure it’s not going to last. But, since the stock market consists of the FANG stocks, no one will notice until the whole thing goes up in flames.
I though the hospitals were running out of beds and staff due to all of the Chinus cases
Only in Texas. It’s pretty much over here in MA.
12 weeks, 7 days a week they worked until yesterday when the last patient was discharged.
Today, they are walking around with “packets.”
“Thanks for your heroic efforts. F you very much.”
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