Weekly Market Snapshot – August 2nd, 2021
Created by: Sam Tenney
- A year and a half after the Covid-19 shutdowns, supply chains are still struggling to keep up with impacted operations, with ports recording 20% more container volume than average for the past 20 years and with shipping delays up to 20 days above average.¹
- Real GDP expanded at an annual rate of 6.5% in the second quarter. While output has now fully recovered its huge pandemic losses, 2Q GDP fell short of its 8.5% estimate due to an unexpected $166B drop in inventories.²
- Beijing, China, has once again entered lockdown on the capital city after a surge in Covid variant cases, and is ordering mandatory testing for all residents in the city. While Beijing itself has very few cases, the government officials have said they want to stop any potential spread of the virus. The head of the city’s health commission was fired after 30 people in the city tested positive.³
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