This morning, Andy joined CNBC’s Squawk Box to discuss the road to economic recovery from the coronavirus pandemic shutdown. When host Joe Kernen asked what type of reopening we are currently seeing, Andy pointed out that the number of people collecting unemployment benefits continues to decrease and more people working is obviously tremendous for the recovery of the U.S. economy. To support this point further, Andy added that, “In May we had 2.5 millions job created. That’s the most for a month on record – 2.1 million fewer people unemployed – that’s a record, [and a] 17.7% increase in retail sales where the experts were expecting 8%… So far we’re recovering strong.”
In closing, Joe touched on the markets rallying over the past few weeks despite a dip within the past 24 hours. When Joe asked Andy about whether he’d attribute that rise to the positive predictions by the market regarding the reopening or if it was due to the extraordinary measures taken by the Federal Reserve, he argued, “I think the market believes the economy is going to recover. It’s a question of ‘when’, it’s not a question of ‘if’… When you hear positive coronavirus news, the market goes up, when you hear negative, the market goes down… The market reacts as the market reacts.”
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