Strome Business Minute With Dr. Jeff Tanner

This is a Strome Business Minute, presented by the Strome College of Business. Even though we’re officially in a recession, some economists are saying the bottom occurred in April and recovery began in May. In fact, the Citi Economic Surprise Index which measures how many economic data points are way off expectations, hit a new record high with positive data coming in much stronger than expected. Most startling was the most recent jobs report earlier this month which showed our economy gaining two point five million jobs instead of losing an anticipated eight million. While still way short of total unemployment, more good news on the job front should come soon due to the expiration of the unemployment bonus. May retail sales also rose at double the expected rate, suggesting the consumer is back. Assuming no national lockdowns, a long slow recovery seems to have begun. This has been Strome Business Minute, presented by the Strome College of Business, Old Dominion University.