I hope you are having a healthy and wonderful summer! I am providing the following financial market update for your review:
Economic indicators are proving that consumers and businesses are fueling the economy with pent-up demand on spending. Consumers are reacting to the vaccinations with robust spending on vacations, furniture, automobiles and homes, while businesses are trying to ramp up production and services to meet the need. With GDP growing at 6.5% and now back to pre-pandemic levels, this pace is not sustainable and should decelerate in the coming quarters. This does not foreshadow a recession: the economy is returning to steady 2-3% sustainable growth with stable employment and lower inflation. GDP growth would have been stronger if supply chains, home building, and product delivery had not been suppressed by inventory and labor shortages.