Economic growth in the United States is in for another big boost in the second quarter, as more areas of the economy most impacted by the Covid-19 crisis reopen. The service industry has never led the US into a recession and there has never been so much stimulus money applied to boost the economy. As more Americans are being vaccinated and more states are dropping restrictions, the economy could rebound as restaurants, retailers, gyms, hotels, and other service-oriented businesses see a drastic surge in demand. The stock market has seen much higher trading on these predictions for months. If the robust activity results in a better earnings outlook, it could add fire to the rally. A chief investment strategist said the second quarter is positive for stocks a lot of the time, and the S&P 500 has seen an average of a 2.8 percent increase in the second quarter since 1990.
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US economists predict the GDP increased by a median 5.4 percent for the first quarter, but forecasts for the second quarter are increasingly higher and are still rising. The median growth prediction for the second quarter GDP is now 9.3 percent, according to the Moody’s Analytics Rapid Update of economists’ forecasts. The big story is all about the consumer and not just the stimulus bill.
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