The jobs and manufacturing numbers out today support a V-shaped recovery … other than the decline in personal income as the CARES act runs out.
Both the ISM Manufacturing index and the Markit US manufacturing PMI are exhibiting the anticipated V-shaped recovery.
Because of tumbling Personal Income, both the House and Senate will be pressured into signing some level of stimulus before the election.
But Speaker Pelosi jammed the “slimmed-down” stimulus bill with non-economic items such SEC. 103. EARLY VOTING AND VOTING BY MAIL. Loading irrelevant items into a large bill is not uncommon in Washington DC, unfortunately.
Here is a photo of Pelosi et al’s (Mrs. LOWEY (for herself, Mr. SCOTT of Virginia, Mr. PALLONE, Ms. WATERS, Mr. GRIJALVA, Mrs. CAROLYN B. MALONEY of New York, Ms. VELA ́ZQUEZ, Mr. TAKANO, Mr. NEAL, Ms. LOFGREN, and Mr. DEFAZIO) SPAMIFIED Heroes Act.