Economic Fundamentals Recovering As Stocks Surged For the Week
(Friday, July 3, 2020, 7 p.m. EST) Here's a snapshot of the key fundamentals showing the economic recovery from the Covid crisis.
Only about 12% of U.S. economic growth is derived from manufacturing activity but the new numbers, based on a monthly survey of purchasing managers at large companies, shows a surge was underway. Bottoming at 43.1% in May, the survey results surged in June to 52.6%. While a surge in manufacturing activity had been expected, the surge in the purchasing managers index exceeded expectations.
Three million jobs had been expected to be added to the economy, as business activity haltingly moved toward normalcy. Amid risk of Covid spread, 4.8 million new jobs were added to the economy in June, according to the Bureau of Labor Statistics, far exceeding expectations.
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