Today
Thunderstorms early, then partly cloudy after midnight. Low around 40F. Winds N at 10 to 20 mph. Chance of rain 70%..
Tonight
Thunderstorms early, then partly cloudy after midnight. Low around 40F. Winds N at 10 to 20 mph. Chance of rain 70%. Updated: May 8, 2021 @ 5:49 pm
Author Bio
Daniel has been writing for Fool.com since 2019. A fan of value and dividend stocks, he covers the industrial sector, oil and gas, and renewable energy. He graduated summa cum laude from the University of Houston with a BBA in finance and marketing and a certificate in personal financial planning.
The U.S. economy is booming. After decreasing by 3.5% in 2020, the Bureau of Economic Analysis estimates that real GDP rose by an annualized 6.4% in the first quarter of 2021.
Contractions and expansions affect every sector, but the impact is amplified for cyclical stocks. Cyclical companies tend to ebb and flow with the broader economy. After paying their dues during the peak of the COVID-19 downturn in the second quarter of last year, many of these companies are now entering what could be a multi-year upswing.
News Release
May 6, 2021
PHOENIX The Arizona Office of Economic Opportunity is projecting the state will add more than half a million jobs over the next eight years, continuing a surge in economic growth.
“Arizona has become a jobs magnet,” said Governor Doug Ducey. “Not only are jobs booming, wages are rising faster at one of the fastest rates in the country. Our recovery is moving forward and there is more opportunity before us than ever before.”
According to the Office of Economic Opportunity (OEO), Arizona will add nearly 550,000 jobs by 2029 for an annualized job growth rate of 1.6%, four times the U.S. growth rate.
. WASHINGTON Senior Biden economic officials have in recent weeks been peppered by complaints from restaurant groups, the construction industry and other businesses about their inability to find enough workers as the U.S. economy begins to recover from the pandemic. Brian Deese, director of the White House National Economic Council, has highlighted the matter as a potential area for concern in internal conversations with the president s economic brain trust, two people aware of internal discussions said. Treasury Secretary Janet Yellen has cautioned privately against overreacting to anecdotes of worker shortages, arguing more data and time is needed before assuming they reflect a genuine problem in the American economy, according to the two people, who spoke on the condition of anonymity to discuss the sensitive matter.