DAVENPORT, Iowa — Investment Advisor Mark Grywacheski told us Monday, July 27th, he expected the economic growth rate for the second quarter of 2020 would be somewhere between -30% and -35%. His estimate turned out to be accurate.
"The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday," according to the Associated Press.
Despite the announcement, President Donald Trump does not want another 'blanket shutdown.' Investment Advisor Mark Grywacheski got into Thursday's announcement on Monday. He says business, consumer spending, and foreign trader were all hurt because of the pandemic.
"But as I indicated last week, Wall Street's attention is now more focused on the economy's path forward," he said.
National Futures started up Monday morning. The Down Jones was up 153 points. The Nasdaq was up 103. The S&P was up more than 21, according to Yahoo Finance.
Your Money with Mark airs live between 5 and 5:30 a.m. every Monday on Good Morning Quad Cities.