Investors continue to worry about the strength and length of the recovery.

The strength and sustainability of the economic rebound continues to weigh on financial markets. The risk is growth slows in the second half of this year after the huge surge in Real GDP in the first half. The Federal Reserve has fed these fears by their continued monetary stimulus packages and by continuing to guide investors they will continue for the foreseeable future. They are focused on recovering all the ten million jobs lost during the pandemic. This focus is despite the inability of many companies to find people to fill the record number of open and posted jobs. Help wanted signs are more numerous than orange barrels. The data released last week should have assuaged some of these fears, but it did not. Retail sales were up 0.6% for June, well above the decline expected by the consensus forecasts.