Wall Street’s latest surge isn’t benefiting many Americans
Main Street still has a lot of catching up to do with Wall Street.
“The words recession and recovery can’t begin to capture the magnitude of pain trigger(ed) by this crisis and the risks that widespread suffering will persist if we can’t blunt the headwinds still ahead,” wrote Grant Thornton chief economist Diane Swonk.
U.S. markets surged on Friday as nonfarm payrolls rose by 2.5 million in May, much higher than economists had expected. The S&P 500 is now close to flat for the year, despite being down as much as 30% a few months ago as business activity froze during the coronavirus pandemic.
Meanwhile, the unemployment rate at 13.3% …continued .
[Source: CNBC News]