News

Last week saw the release of a number of important economic data reports. Better-than-expected consumer confidence and personal spending reports served as the week’s highlights. This week will be another busy one for news, with the focus on April’s business confidence and employment reports.

If the month of March was a turning point (and it was), the month of April demonstrated that March was not a fluke. The data showed we have really turned the corner in many ways. In April, the fourth wave of the pandemic started—and then fizzled out, resulting in much lower infection rates to end the month. Layoffs tumbled and consumer confidence rose to pre-pandemic levels. Markets rallied to all-time highs once again. In April, things got better across the board.

April was a good month. While it started with what looked like another wave of infections, by month-end, we were back at recent lows for both case growth and positive test rates. Vaccinations have now hit a substantial part of the population, and that looks to have controlled the virus. The medical risks are still real, but they are now about whether and when we hit herd immunity, rather than whether we have a fourth wave. This is significant progress and means the medical risks are low and likely to decline further over the next month.