Quarterly Real U.S. GDP Growth
The estimates for second quarter GDP growth range from −20% to −51%, with the average from the Blue Chip consensus data being −35%. In the midst of the double effect of the COVID-19 shutdown and protests in many cities around the United States, the economy is struggling to re-open in the various stages defined by local and state governments. Equity markets have shown optimism for rebounding earnings—assuming a significant ramp-up of demand this summer.



ISM Manufacturing Index
As expected, the ISM manufacturing survey continues to fall below the recession balance point of 50%. There was a small uptick in the data for May, indicating what might be the bottom of the production side of the economy. Much depends upon a successful containment of the COVID-19 pandemic and reopening of businesses in most states. Trade issues with China will continue to keep uncertainty high in the manufacturing sector.

The information herein was obtained from various sources believed to be accurate; however, Forté Capital does not guarantee its accuracy or completeness. This report was prepared for general information purposes only. Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities, options, or futures contracts. Forté Capital’s Proprietary Market Risk Barometer is a summary of 30 indicators and is copyrighted by Forté Capital LLC. For further information, visit www.fortecapital.com, send a message to info@forte-capital.com, or call 866-586-8100 and ask for David W. Henion, CPA, or Larry H. Rabinowitz, CPA/PFS.