All the economic data of last week and due out this week means little in the virus environment.
The Advance Report for second quarter Real GDP was released last week. The 32.9% decline in economic activity was about as expected. It was driven by a 34.6% drop in consumer spending which accounted for 25.1% in the data. Business fixed investment declined by 27.0%. Finally, liquidation of inventories added to the historic drop in the U.S. economy. The only positive in the data was the 2.7% increase in government spending.
PROBANK AUSTIN ADVISOR - AUGUST 3, 2020