Copper, too, is off the floor. I think I saw it at 3.02 or 3.04 yesterday at one point. Today it is running around 3.12.
Today's GDP numbers are pathetic, probably cooked and will, most likely, be revised downward. Employment/unemployment numbers will soon be released for July, and the rate will probably be about the same. You know, seasonally adjusted and all.
The Fed's statement today was rather lackluster calling growth in the U.S. economy "modest" which is not as excitingly robust as last month's "moderate". Still:
Most economists, including those at the Fed, expect growth will strengthen in the second half of the year. That's because they believe businesses will spend more, stronger job growth will fuel more consumer spending and government spending cuts will weigh less on overall growth.I believe in Tinkerbelle. And unicorns. And Skittles.
Just the same, we're canning beans and tomatoes.